BMO Capital Believes Concho Resources (NYSE: CXO) Still Has Room to Grow

By Austin Angelo

In a report issued on January 11, Phillip Jungwirth from BMO Capital reiterated a Buy rating on Concho Resources (NYSE: CXO), with a price target of $200. The company’s shares closed on Friday at $159.09, close to its 52-week high of $159.52.

According to TipRanks.com, Jungwirth is a 4-star analyst with an average return of 9.0% and a 64.1% success rate. Jungwirth covers the Basic Materials sector, focusing on stocks such as Centennial Resource Development Inc, Sanchez Energy Corporation, and Rice Midstream Partners.

Currently, the analyst consensus on Concho Resources is Strong Buy and the average price target is $167.83, representing a 5.5% upside.

In a report issued on January 4, Merrill Lynch also upgraded the stock to Buy with a $190 price target.

The company has a one-year high of $159.52 and a one-year low of $106.73. Currently, Concho Resources has an average volume of 1.05M.

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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.