Siebert Williams Shank & Co Sticks to Its Buy Rating for Concho Resources (CXO)


In a report released today, Gabriele Sorbara from Siebert Williams Shank & Co maintained a Buy rating on Concho Resources (CXO), with a price target of $70.00. The company’s shares closed last Friday at $48.60.

According to TipRanks.com, Sorbara is currently ranked with 0 stars on a 0-5 stars ranking scale, with an average return of -23.2% and a 22.0% success rate. Sorbara covers the Utilities sector, focusing on stocks such as Continental Resources, Matador Resources, and Laredo Petroleum.

Concho Resources has an analyst consensus of Strong Buy, with a price target consensus of $69.18, which is a 40.5% upside from current levels. In a report issued on October 6, Northland Securities also maintained a Buy rating on the stock with a $73.00 price target.

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Based on Concho Resources’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $474 million and GAAP net loss of $435 million. In comparison, last year the company earned revenue of $1.13 billion and had a GAAP net loss of $97 million.

Based on the recent corporate insider activity of 26 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CXO in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Concho Resources, Inc. engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include Delaware Basin, and Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.

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