In a report released today, Gabriele Sorbara from Williams Capital reiterated a Buy rating on Concho Resources (CXO), with a price target of $114. The company’s shares closed last Monday at $73.15, close to its 52-week low of $63.92.
According to TipRanks.com, Sorbara ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -16.0% and a 28.2% success rate. Sorbara covers the Basic Materials sector, focusing on stocks such as Jagged Peak Energy Inc, Gulfport Energy Corp, and Extraction Oil & Gas.
Currently, the analyst consensus on Concho Resources is a Moderate Buy with an average price target of $120.19, which is a 64.3% upside from current levels. In a report issued on August 30, MKM Partners also maintained a Buy rating on the stock with a $118 price target.
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Concho Resources’ market cap is currently $14.71B and has a P/E ratio of 28.93. The company has a Price to Book ratio of 0.82.
Based on the recent corporate insider activity of 56 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CXO in relation to earlier this year.
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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.
