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CXO

Concho Resources

$119.53

4.47 (3.88%)

, FANG

Diamondback Energy

$104.87

2.19 (2.13%)

08:03
01/09/19
01/09
08:03
01/09/19
08:03

Morgan Stanley says Concho Resources trading at discount, upgrades to Overweight

As previously reported, Morgan Stanley analyst Drew Venker upgraded Concho Resources (CXO) to Overweight from Equal Weight as he notes that the stock is trading at a discount versus its typical premium to its closest peers like Diamondback Energy (FANG) and Pioneer Natural (PXD). In a lower oil price environment, Concho should outperform given its defensive attributes, while in a higher price environment the company is well positioned to return incremental free cash flow, Venker tells investors. However, he lowered his price target on Concho shares to $151 from $163.

CXO

Concho Resources

$119.53

4.47 (3.88%)

FANG

Diamondback Energy

$104.87

2.19 (2.13%)

PXD

Pioneer Natural

$142.18

-0.19 (-0.13%)

  • 14

    Feb

  • 28

    May

CXO Concho Resources
$119.53

4.47 (3.88%)

01/02/19
KEYB
01/02/19
INITIATION
Target $118
KEYB
Overweight
Concho Resources initiated with an Overweight at KeyBanc
KeyBanc analyst Leo Mariani started Concho Resources with an Overweight rating and $118 price target. The analyst cited its consistent free cash flow generation and its plan to return more capital to shareholders.
01/02/19
01/02/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Concho Resources (CXO) initiated with an Overweight at KeyBanc. 2. Synthorx (THOR) initiated with a Buy at Jefferies and H.C. Wainwright. 3. Concrete Pumping (BBCP) initiated with a Buy at B. Riley FBR. 4. Moderna (MRNA) was initiated with an Outperform at Oppenheimer, an Overweight at Morgan Stanley, Barclays, JPMorgan, and Piper Jaffray, as well as a Buy at Needham, BofA/Merrill, and Goldman Sachs. 5. GW Pharmaceuticals (GWPH) initiated with an Overweight at JPMorgan. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
12/10/18
GHSC
12/10/18
UPGRADE
GHSC
Buy
Concho Resources upgraded to Buy from Neutral at Seaport Global
Seaport Global analyst Mike Kelly upgraded Concho Resources to Buy from Neutral and raised its price target to $160 from $145. Kelly views valuation as attractive following the 20% drop in shares since early October and views the company as a best-of-breed Permian and large cap E&P name. Kelly said Concho's high returns are only getting better and sees 30 years worth of drilling inventory with little capital needed on the A&D front.
01/09/19
MSCO
01/09/19
UPGRADE
MSCO
Overweight
Concho Resources upgraded to Overweight from Equal Weight at Morgan Stanley
FANG Diamondback Energy
$104.87

2.19 (2.13%)

01/07/19
BMOC
01/07/19
UPGRADE
Target $130
BMOC
Outperform
Diamondback Energy upgraded to Outperform from Market Perform at BMO Capital
As reported earlier, BMO Capital analyst Phillip Jungwirth upgraded Diamondback Energy to Outperform from Market Perform while also lowering his price target to $130 from $135. The analyst states that although the price target change is driven by his view of lower commodity prices, he points to the company's expected 22% debt-adjusted production annualized revenue increase through 2022, which he says is "near the high end" of his coverage. Jungwirth also points to Diamondback Energy's positive well productivity trends and synergies from its Energen acquisition driving "continued capital efficiency improvements."
01/07/19
BMOC
01/07/19
UPGRADE
BMOC
Outperform
Diamondback Energy upgraded to Outperform from Market Perform at BMO Capital
12/20/18
WELS
12/20/18
NO CHANGE
Target $151
WELS
Outperform
Diamondback Energy price target lowered to $151 from $157 at Wells Fargo
Wells Fargo analyst Nitin Kumar lowered his price target for Diamondback Energy to $151 from $157 on marginally lower capital efficiency estimates. The analyst notes that the company became the first of the independent E&Ps to provide a budget for 2019 under the significantly lower oil price outlook following the OPEC meeting on December 6. Diamondback Energy cut activity from the previously discussed 24 rigs by dropping 3 rigs and 2 crews in December to continue to operate within cash flow from operations while still building momentum towards F2020 when the company is expected to be free cash flow positive under most commodity price scenarios, he adds. Kumar reiterates an Outperform rating on the shares.
12/20/18
KEYB
12/20/18
INITIATION
Target $116
KEYB
Overweight
Diamondback Energy initiated with an Overweight at KeyBanc
KeyBanc analyst Leo Mariani started Diamondback Energy with an Overweight rating and $116 price target. The analyst cites the company's "discounted" valuation, "strong growth" within cash flow, and its Viper and Rattler interests for his favorable rating.
PXD Pioneer Natural
$142.18

-0.19 (-0.13%)

12/10/18
GHSC
12/10/18
UPGRADE
GHSC
Buy
Pioneer Natural upgraded to Buy from Neutral at Seaport Global
Seaport Global analyst Mike Kelly upgraded Pioneer Natural to Buy from Neutral and raised its price target to $215 from $210. Kelly views Pioneer as a high quality, defensive large cap well situated for a volatile macro backdrop. Management has done an excellent job providing clarity on its 2019 capex program and expects the Endeavor Permian acquisition to be a positive read-through for the company, the analyst wrote in a note to investors.
12/11/18
WELS
12/11/18
UPGRADE
Target $190
WELS
Outperform
Pioneer Natural upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo analyst Nitin Kumar upgraded Pioneer Natural to Outperform from Market Perform citing its asset quality, strong balance sheet and premium Brent-linked pricing exposure in the context of his lower price deck. He lowered his price target on Pioneer shares to $190 from $228.
12/12/18
WILL
12/12/18
DOWNGRADE
WILL
Buy
Pioneer Natural downgraded Buy at Williams Capital
12/20/18
KEYB
12/20/18
INITIATION
Target $170
KEYB
Overweight
Pioneer Natural initiated with an Overweight at KeyBanc
KeyBanc analyst Leo Mariani started Pioneer Natural Resources with an Overweight rating and $170 price target. The analyst likes the company's "best-in-class" balance sheet, transition to a pure-play Permian exploration and production, and its plan to return more capital to shareholders.

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VMI

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Sturm, Ruger

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SM

SM Energy

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KKR Real Estate Finance

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SM

SM Energy

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SM

SM Energy

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VVV

Valvoline

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MNKD

MannKind

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EMCF

Emclaire Financial

$30.12

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  • 24

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ATR

AptarGroup

$102.12

0.69 (0.68%)

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CBFV

CB Financial Services

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EFX

Equifax

$107.90

-1.37 (-1.25%)

17:01
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  • 21

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ATR

AptarGroup

$102.12

0.69 (0.68%)

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EFX

Equifax

$107.90

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EFX

Equifax

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CAKE

Cheesecake Factory

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AXTI

AXT Inc.

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ARE

Alexandria Real Estate

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EIG

Employers Holdings

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GTE

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  • 22

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EIG

Employers Holdings

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SXCP

SunCoke Energy Partners

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  • 27

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SXC

SunCoke Energy

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0.25 (2.48%)

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