KLR Group reiterated an Accumulate rating on Concho Resources (NYSE: CXO), and raised the price target to $153.00 (from $138.00), following the company's 2Q earnings report.

Analyst John Gerdes commented, "We are increasing our CXO target price $15 to $153 per share due to almost 15% lower operating expense and approximately 5% lower capital intensity. Our ’16 production growth forecast of ~2% is at the high end of company guidance (0%-2% growth). Our ’17 production growth forecast of ~10% is in line with guidance (at least 10% growth). This year, the company is increasing the average lateral length of wells drilled ~35% to ~7,000’ and plans to drill approximately 55% of operated wells on multi-well pads."

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Shares of Concho Resources closed at $121.29 yesterday.