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CXO

Concho Resources

$135.76

4.88 (3.73%)

16:18
10/30/18
10/30
16:18
10/30/18
16:18

Concho Resources reports Q3 EPS $1.42, consensus $1.07

Reports Q3 revenue $1.19B, consensus $1.1B. Production for Q3 was 26 million barrels of oil equivalent, or an average of 287 thousand Boe per day. Average daily crude oil production for Q3 totaled 185 thousand barrels per day. Natural gas production for Q3 2018 totaled 612 million cubic feet per day. The company said, "Our strong third quarter results demonstrate Concho's positive momentum following the acquisition of RSP Permian. We have been disciplined over the last several years - generating free cash flow, prudently growing oil production, reducing our cost structure and building for the future with accretive acquisitions and strategic portfolio management. These efforts position us well for the next stage of our company, which includes delivering high-margin oil growth and initiating a return-of-capital strategy to our shareholders. We are a growth company, and our platform for delivering growth, demonstrating the benefits of scale and enhancing shareholder value, has never been better." For full-year 2018, the company updated it guidance for natural gas price realizations as a percent of NYMEX Henry Hub to 110%-120%; gathering, processing and transportation expense to $0.55-$0.65 per Boe; cash general and administrative expense to $2.30-$2.50 per Boe; and its income tax rate to 24%. Capital spending for 2019 is expected to be between $3.4B and $3.6B.

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CXO Concho Resources
$135.76

4.88 (3.73%)

09/27/18
PIPR
09/27/18
INITIATION
PIPR
Overweight
Concho Resources assumed with an Overweight at Piper Jaffray
Piper Jaffray analyst Ryan Todd assumed coverage of Concho Resources with an Overweight rating and a $193 price target.
10/05/18
JEFF
10/05/18
NO CHANGE
Target $203
JEFF
Buy
Jefferies boosts Concho target to $203, says 'derate won't last'
Jefferies analyst Mark Lear says that despite "bulking up" in the core of the Permian, shares of Concho Resources have "derated by two turns" relative to the Jefferies Exploration & Production peer group. The move lower "vastly undervalues" the company's long-term growth and free cash flow generation potential, Lear tells investors in a research note titled "Permian Derate Won't Last." The analyst keeps a Buy rating on Concho Resources and boosted his price target for the shares to $203 from $201.
10/24/18
WELS
10/24/18
INITIATION
Target $209
WELS
Outperform
Concho Resources resumed with an Outperform at Wells Fargo
Wells Fargo analyst Nitin Kumar resumed Concho Resources with an Outperform rating and $209 price target. Poised to enter ''manufacturing mode'' that focuses on large scale developments targeting longer laterals and multiple zones, the analyst believes the company can deliver peer leading absolute and debt-adjusted production and cash flow growth. Further, he sees the stock trading at a historically low premium to peers on consensus two-year forward EV/EBITDA, which makes it an attractive entry point into one of the "strongest asset portfolios in the Permian."
10/29/18
JPMS
10/29/18
NO CHANGE
Target $188
JPMS
Overweight
Concho Resources price target raised to $188 from $180 at JPMorgan
In a pre-earnings research note titled "Thoughts on the Looming 2019 Guide; Time to Buy the Clarity,"JPMorgan analyst Arun Jayaram raised his price target for Concho Resources to $188 from $180 and keeps an Overweight rating on the shares. The analyst believes the company is contemplating a shift on its business model that will not only emphasize "robust" oil growth on a debt-adjusted basis, but also a greater focus on free cash flow generation and cash return to shareholders. He expects Concho to formalize details on this "evolutionary shift" in its business model on the Q3 earnings call.

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