Fly News Breaks for September 3, 2019
CXO
Sep 3, 2019 | 14:12 EDT
MUFG analyst Michael McAllister lowered his price target on Concho Resources shares to $116 from $121 after the company announced the sale of its assets in the New Mexico Shelf to an affiliate of privately held Spur Energy Partners for $925M, citing lost production. However, he notes that his revised target still implies 60% upside from current prices, leading him to maintain his Overweight rating on Concho, which McAllister noted has retained its "top-shelf" assets and authorized a $1.5B stock repurchase program that could buy roughly 10% of the company's current market cap.
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