Williams Capital Keeps a Buy Rating on Concho Resources (CXO)

By Carrie Williams

In a report released today, Gabriele Sorbara from Williams Capital maintained a Buy rating on Concho Resources (CXOResearch Report), with a price target of $182. The company’s shares opened today at $111.52.

According to TipRanks.com, Sorbara is ranked 0 out of 5 stars with an average return of -11.0% and a 32.0% success rate. Sorbara covers the Basic Materials sector, focusing on stocks such as Gulfport Energy Corp, Extraction Oil & Gas, and Oasis Petroleum Inc.

Currently, the analyst consensus on Concho Resources is a Strong Buy with an average price target of $168.28, which is a 50.9% upside from current levels. In a report issued on January 29, Mizuho Securities also initiated coverage with a Buy rating on the stock with a $156 price target.

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Based on Concho Resources’ latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $1.19 billion and GAAP net loss of $199 million. In comparison, last year the company earned revenue of $780 million and had a net profit of $265 million.

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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.