Canaccord Genuity Maintains a 'Buy' on Concho Resources (CXO); Executing At Permian Basin
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Price: $65.60 --0%
Rating Summary:
28 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
28 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Canaccord Genuity maintains a 'Buy' on Concho Resources (NYSE: CXO) price target lowered from $127 to $117.
Analyst, John Gerdes, said, "We are lowering our price target largely due to lower wet gas price realizations. In our view, Concho is well positioned to capture the significant oil potential in stacked pay zones endemic across the Permian Basin. We retain our rating and note our ’12 production estimate of 30.1 Mmboe is 6% above guidance. Greater capital spending would likely be accretive to our target. Concho is spending ~15% beyond cash flow this year while the sector should outspend cash flow ~35%."
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 $96.32 yesterday.
Analyst, John Gerdes, said, "We are lowering our price target largely due to lower wet gas price realizations. In our view, Concho is well positioned to capture the significant oil potential in stacked pay zones endemic across the Permian Basin. We retain our rating and note our ’12 production estimate of 30.1 Mmboe is 6% above guidance. Greater capital spending would likely be accretive to our target. Concho is spending ~15% beyond cash flow this year while the sector should outspend cash flow ~35%."
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 $96.32 yesterday.
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