BMO Capital Reaffirms Their Buy Rating on Concho Resources

By Ryan Adsit

BMO Capital analyst Phillip Jungwirth reiterated a Buy rating on Concho Resources (NYSE: CXO) today and set a price target of $180. The company’s shares closed last Friday at $133.34.

According to, Jungwirth is a 4-star analyst with an average return of 5.5% and a 50.3% success rate. Jungwirth covers the Basic Materials sector, focusing on stocks such as Sanchez Energy Corporation, Rice Midstream Partners, and Jagged Peak Energy Inc.

Currently, the analyst consensus on Concho Resources is Strong Buy and the average price target is $165.75, representing a 24.3% upside.

In a report issued on May 4, Scotiabank also maintained a Buy rating on the stock with a $156 price target.

Based on Concho Resources’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $612 million and quarterly net profit of $645 million. In comparison, last year the company earned revenue of $284 million and had a GAAP net loss of $1.02 billion.

Based on the recent corporate insider activity of 28 insiders, corporate insider sentiment is negative on the stock. Most recently, in March 2017, Steve Guthrie, the SVP of Bus Ops and Eng of CXO sold 6,000 shares for a total of $767,940.

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Concho Resources, Inc. engages in the acquisition, development and exploration of oil and natural gas properties. Its operations include New Mexico Shelf, Delaware Basin, Midland Basin. The company was founded on February 22, 2006 and is headquartered in Midland, TX.