Canaccord Genuity Reiterates a 'Buy' on Concho Resources (CXO); Q1/11: Thesis Intact as Costs Creep Though Production Beats
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Price: $65.60 --0%
Rating Summary:
28 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 5 | Down: 4 | New: 11
Rating Summary:
28 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 5 | Down: 4 | New: 11
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Canaccord Genuity reiterates a 'Buy' on Concho Resources (NYSE: CXO), PT lowered by $6 to $140.
Canaccord analyst says, "We are decreasing our target price due to a modestly higher gas-weighting, higher operating expense and a lower gas price realization. We reiterate our rating, which is underpinned by Concho’s superior liquidsoriented capital productivity. CXO trades at a ~25% premium (’11E EBITDA) to the group though has 1.5x the cash flow per share growth (’11-’13E). Consequently, we believe Concho offers ~25% greater share price upside than the sector, and the stock continues to be among our top picks. Robust Bone Spring well performance in the Delaware Basin has the potential to further enhance overall asset portfolio productivity."
For more ratings news on Concho Resources click here and for the rating history of Concho Resources click here.
Shares of Concho Resources closed at $94.00 yesterday.
Canaccord analyst says, "We are decreasing our target price due to a modestly higher gas-weighting, higher operating expense and a lower gas price realization. We reiterate our rating, which is underpinned by Concho’s superior liquidsoriented capital productivity. CXO trades at a ~25% premium (’11E EBITDA) to the group though has 1.5x the cash flow per share growth (’11-’13E). Consequently, we believe Concho offers ~25% greater share price upside than the sector, and the stock continues to be among our top picks. Robust Bone Spring well performance in the Delaware Basin has the potential to further enhance overall asset portfolio productivity."
For more ratings news on Concho Resources click here and for the rating history of Concho Resources click here.
Shares of Concho Resources closed at $94.00 yesterday.
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