Stifel Raises price Target on Concho Resources (CXO) on Better-Than-Expected Well Performance
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Stifel reiterated a Buy rating on Concho Resources (NYSE: CXO), and raised the price target to $160.00 (from $141.00), as the company's Midland and Delaware Basin wells generate strong field level returns.
Analyst Michael Scialla commented, "We are raising our target price and NAV estimates to $160 and $170 from $141 and $134 based the performance of CXO's Midland and Delaware Basin wells, which are generating strong field level returns. Further delineation (including new zones) and tighter spacing tests on the company’s newly acquired Midland Basin acreage are likely to be accretive to our estimate."
Shares of Concho Resources closed at $130.47 yesterday.
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