Concho Resources (CXO) : Analyst Rating Update

Concho Resources (CXO) : 21 analysts are covering Concho Resources (CXO) and their average rating on the stock is 1.48, which is read as a Strong Buy. 14 equity analysts believe that the stock has a bright future and the price doesnt capture all of its upside, hence they rate the stock as a Strong Buy. Concho Resources (CXO) also receives 4 more Buy recommendations from analysts who believe that the stock will do well going forward. A Zacks Investment Research rank of 3, which recommends a Hold affirms that they expect a large upside in the stock from the current levels. A total of 3 brokerage firms believe that the stock is fairly valued, hence they advise a Hold on the stock.

Concho Resources (CXO) : Currently there are 19 street experts covering Concho Resources (CXO) stock. The most bullish and bearish price target for the stock is $173 and $105 respectively for the short term. The average price target of all the analysts comes to $134.84. The estimated standard deviation from the target is $14.84.

Concho Resources (NYSE:CXO): During Wednesdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $116.45 and $115.41 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $118.63. The buying momentum continued till the end and the stock did not give up its gains. It closed at $118.33, notching a gain of 1.52% for the day. The total traded volume was 1,524,887 . The stock had closed at $116.56 on the previous day.

Also, In the latest statement by the brokerage house, Deutsche Bank maintains its outlook on Concho Resources (NYSE:CXO). The current rating of the shares is Buy, according to the research report released by the firm. The brokerage firm raises the price target from $132 per share to $140 per share. The rating by the firm was issued on June 14, 2016. The company shares have rallied 9.09% from its 1 Year high price. On Jun 23, 2016, the shares registered one year high at $127.48 and the one year low was seen on Jan 20, 2016. The 50-Day Moving Average price is $120.83 and the 200 Day Moving Average price is recorded at $103.73.

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 Companys 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 Companys 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.

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