BMO Capital Thinks Concho Resources’ Stock is Going to Recover

By Jason Carr

In a report released yesterday, Daniel Boyd from BMO Capital reiterated a Buy rating on Concho Resources (NYSE: CXO), with a price target of $180. The company’s shares opened today at $114.91, close to its 52-week low of $112.73.

According to TipRanks.com, Boyd is a 4-star analyst with an average return of 6.0% and a 56.5% success rate. Boyd covers the Basic Materials sector, focusing on stocks such as Diamond Offshore Drilling, Oil States International, and Rice Midstream Partners.

Currently, the analyst consensus on Concho Resources is Strong Buy and the average price target is $171.14, representing a 48.9% upside.

In a report issued on June 15, RBC Capital also reiterated a Buy rating on the stock with a $178 price target.

The company has a one year high of $147.55 and a one year low of $112.73. Currently, Concho Resources has an average volume of 1.33M.

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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.,05WHFZ-E