UBS reiterated a Neutral rating on Concho Resources (NYSE: CXO), and raised the price target to $121.00 (from $117.00), following the company's 2Q earnings report. CXO reported EPS of $0.26, above consensus estimates of $0.06.

Analyst William Featherston commented, "CXO posted clean 2Q EPS/CFPS of $0.26/$2.71, comfortably above consensus' $0.06/$2.57 & UBSe $0.09/$2.56. Relative to UBSe, the beat was driven by better than expected natural gas production & lower than expected unit costs. Adjusted EBITDX of $412.8MM was also >5% above both UBSe and consensus. 2Q production fell 2% YoY to 145.2 MBoed, above consensus & UBSe of ~142 MBoed & the 138-142 MBoed guidance range on higher than expected gas production. Price realizations fell 12% YoY & were 2% below UBSe. Per unit costs fell ~10% YoY and were ~8% below UBSe."

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Shares of Concho Resources closed at $121.29 yesterday.