Jefferies Keeps Their Hold Rating on Concho Resources

By Jason Carr

In a report released today, Michael Hsu from Jefferies reiterated a Hold rating on Concho Resources (NYSE: CXO), with a price target of $109. The company’s shares opened today at $108.15, close to its 52-week high of $147.55.

According to TipRanks.com, Hsu is ranked 0 out of 5 stars with an average return of -20.2% and a 13.3% success rate. Hsu covers the Basic Materials sector, focusing on stocks such as Energy Transfer Partners LP, Continental Resources, and Gulfport Energy Corp.

Concho Resources has an analyst consensus of Moderate Buy, with a price target consensus of $147.60.

Based on Concho Resources’ latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $567 million and quarterly net profit of $151 million. In comparison, last year the company earned revenue of $396 million and had a GAAP net loss of $266 million.

Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is negative on the stock.

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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.