Concho Resources Inc (CXO) is Upgraded by Morgan Stanley to Overweight

Concho Resources Inc (CXO) was Upgraded by Morgan Stanley to ” Overweight”. Earlier the firm had a rating of “Equal-Weight ” on the company shares. Morgan Stanley advised their investors in a research report released on Jun 13, 2016.

Many Wall Street Analysts have commented on Concho Resources Inc. Concho Resources Inc was Upgraded by Seaport Global Securities to ” Accumulate” on Jun 7, 2016. Canaccord Genuity Initiated Concho Resources Inc on Apr 5, 2016 to “Hold”, Price Target of the shares are set at $95.

On the company’s financial health, Concho Resources Inc reported $-0.05 EPS for the quarter, missing the analyst consensus estimate by $ -0.05 based on the information available during the earnings call on May 4, 2016. Analyst had a consensus of $0.00. The company had revenue of $283.60 million for the quarter, compared to analysts expectations of $273.92 million. The company’s revenue was down -31.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.06 EPS.

Concho Resources Inc closed down -4.69 points or -3.77% at $119.78 with 9,90,872 shares getting traded on Friday. Post opening the session at $122.88, the shares hit an intraday low of $119.13 and an intraday high of $123.72 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on Mar 16, 2016, Darin G Holderness (SVP, CFO & Treasurer) sold 16,813 shares at $105.14 per share price. According to the SEC, on Mar 16, 2016, C William Giraud (Exec VP, Chief Comm Off & Sec) sold 10,000 shares at $101.56 per share price. On Mar 16, 2016, Brenda R Schroer (VP and CAO) sold 500 shares at $101.30 per share price, according to the Form-4 filing with the securities and exchange commission.

Concho Resources Inc. is an independent oil and natural gas company engaged in the acquisition development and exploration of oil and natural gas properties. The Company’s operating areas are located in the Permian Basin region of Southeast New Mexico and West Texas an onshore oil and natural gas basin in the United States. The Company’s three core operating areas include: New Mexico Shelf where the Company primarily targets the Yeso formation with horizontal and vertical development; Delaware Basin where it uses horizontal drilling and technology to target the Bone Spring formation (including the Avalon shale and the Bone Spring sands) and the Wolfcamp shale formation and Texas Permian in the Midland Basin where it targets the Wolfcamp and Spraberry formations with horizontal and vertical development.

Concho Resources Inc

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