Canaccord Genuity Maintains a 'Buy' on Concho Resources (CXO); Understated Report Shows Flurry of New Concepts
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Price: $65.60 --0%
Rating Summary:
28 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
28 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity maintains a 'Buy' on Concho Resources (NYSE: CXO) price target lowered $1 to $130.
Analyst John Gerdes, said, "We are lowering our target price $1 due to slightly lower production and higher operating expense largely offset by higher gas/NGL price realizations. Concho is testing several concepts that illustrate the extent of the Permian Basin’s resource potential. While Concho is playing offense operationally, it is playing defense financially as it should spend only ~10% beyond cash flow this year while the sector outspends cash flow by ~40%. We believe Concho’s spending profile translates into less potential downside risk to estimates and our target in an uncertain macro environment."
For an analyst ratings summary and ratings history on Concho Resources click here. For more ratings news on Concho Resources click here.
Shares of Concho Resources closed at $109.55 yesterday.
Analyst John Gerdes, said, "We are lowering our target price $1 due to slightly lower production and higher operating expense largely offset by higher gas/NGL price realizations. Concho is testing several concepts that illustrate the extent of the Permian Basin’s resource potential. While Concho is playing offense operationally, it is playing defense financially as it should spend only ~10% beyond cash flow this year while the sector outspends cash flow by ~40%. We believe Concho’s spending profile translates into less potential downside risk to estimates and our target in an uncertain macro environment."
For an analyst ratings summary and ratings history on Concho Resources click here. For more ratings news on Concho Resources click here.
Shares of Concho Resources closed at $109.55 yesterday.
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