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Fly News Breaks for August 30, 2019
CXO
Aug 30, 2019 | 08:44 EDT
MKM Partners analyst John Gerdes lowered his price target on Concho Resources to $118 to reflect the nearly 10% "upward refinement" in its capital intensity around Delaware Basin execution and the slight decline in its oil composition. The analyst keeps his Buy rating on the stock however, calling for the company's Q3 production of 329MBOE/d to be 2% above guidance and forecasting about $600M in free cash flows this year, assuming that NYMEX oil price remains around $55 and gas price stays at $2.55.
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