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CXO

Concho Resources

$68.90

-2.34 (-3.28%)

06:13
08/15/19
08/15
06:13
08/15/19
06:13

Concho Resources recent selloff a buying opportunity, says Piper Jaffray

Piper Jaffray analyst Ryan Todd sees a buying opportunity following the recent 30% pullback in shares of Concho Resources. The analyst lowered his price target to $117 from $115 and reiterates an Overweight rating on the name. The current valuation is "quite compelling," but it will take some time for the company to regain credibility, Todd tells investors in a research note.

CXO Concho Resources
$68.90

-2.34 (-3.28%)

08/02/19
RHCO
08/02/19
NO CHANGE
Target $100
RHCO
Buy
Concho Resources price target lowered to $100 from $130 at SunTrust
SunTrust analyst Neal Dingmann lowered his price target on Concho Resources to $100 after its Q2 earnings miss and a reduction in 2019 production outlook as well as the announcement that its 23-well Dominator project was too tightly spaced. The analyst notes that the stock price decline of over 20% afterhours reflected investors' waning confidence not only in the company, but the overall capital efficiency and operations of its group. Dingmann still keeps his Buy rating on Concho Resources however, saying the stock may become a takeout candidate if larger operators find its strong Permian position attractive.
08/05/19
JPMS
08/05/19
NO CHANGE
Target $132
JPMS
Overweight
Concho Resources valuation could be 'approaching a floor,' says JPMorgan
JPMorgan analyst Arun Jayaram lowered his price target for Concho Resources to $132 from $147 while keeping an Overweight rating on the shares. Following a disappointing production guide, the equity value of Concho dropped much more significantly than the underlying impact to cash flows, Jayaram tells investors in a research note. He points out that the equity value of the company fell by 26% last week, "far exceeding" the ~9% drop in his cash flow estimate. While the stock could remain in the "penalty box" until execution improves, Concho's valuation "could be approaching a floor on a relative basis," says Jayaram.
08/05/19
JRCO
08/05/19
DOWNGRADE
JRCO
Hold
Concho Resources downgraded to Hold from Buy at Johnson Rice
08/06/19
MSCO
08/06/19
DOWNGRADE
Target $64
MSCO
Underweight
Concho Resources downgraded to Underweight from Overweight at Morgan Stanley
Morgan Stanley analyst Drew Venker double downgraded Concho Resources to Underweight from Overweight and cut his price target for the shares to $64 from $131. The stock may not be fully reflecting last week's reduced production guidance, Venker tells investors in a research note. Further, he believes additional cuts to production and EBITDA is likely, making Concho's risk/reward less attractive relative to peers. Venker, who admits his previous capital efficiency estimates were optimistic, sees potential for negative estimate revisions going forward.

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RDS.A

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