Canaccord Genuity Maintains a 'Buy' on Concho Resources (CXO); Q3/11: Shifting to the Delaware Basin, Living Within Cash Flow
Tweet
Share
E-mailGet Alerts CXO Hot Sheet
Price: $65.60 --0%
Rating Summary:
28 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 9
Rating Summary:
28 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 9
Join SI Premium – FREE
Canaccord Genuity maintains a 'Buy' on Concho Resources (NYSE: CXO) price target of $132.00.
Canaccord analyst, John Gerdes, said, "We are lowering our target price $4 to $132 as higher capital intensity and operating expenses are largely offset by a higher gas price realization. Concho offers ~10% less upside potential than the sector though we expect it to spend within cash generation next year, while the sector is expected to outspend cash flow by ~40%. We believe the company’s conservative spending translates into less potential downside risk to estimates and our target in an uncertain macro environment."
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 $98.02 yesterday.
Canaccord analyst, John Gerdes, said, "We are lowering our target price $4 to $132 as higher capital intensity and operating expenses are largely offset by a higher gas price realization. Concho offers ~10% less upside potential than the sector though we expect it to spend within cash generation next year, while the sector is expected to outspend cash flow by ~40%. We believe the company’s conservative spending translates into less potential downside risk to estimates and our target in an uncertain macro environment."
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 $98.02 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Keefe, Bruyette & Woods Upgrades Trustmark (TRMK) to Outperform
- Sleep Number (SNBR) PT Raised to $13 at Piper Sandler
- Veritex Holdings (VBTX) PT Raised to $26 at Piper Sandler
Create E-mail Alert Related Categories
Analyst CommentsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
