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CXO

Concho Resources

$73.20

0.59 (0.81%)

07:47
09/03/19
09/03
07:47
09/03/19
07:47

Concho Resources initiates $1.5B share repurchase program

Concho Resources' board authorized the initiation of a repurchase program of up to $1.5B of the company's shares of common stock. Tim Leach, Chairman and CEO, commented, "Proactively managing our asset portfolio has long been a key part of our strategy. Divesting our New Mexico Shelf position enables us to accelerate the value of these legacy assets, while focusing our portfolio on opportunities with the highest potential for strong returns. Further, the transaction reduces our cost structure and allows us to achieve the leverage target we communicated earlier this year, while delivering additional returns to shareholders under an initial $1.5B share repurchase program. The share repurchase program demonstrates our continued confidence in our strategy to generate sustainable oil growth and strong cash flow, and reflects our commitment to delivering long-term value to our shareholders."

CXO Concho Resources
$73.20

0.59 (0.81%)

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.
08/15/19
PIPR
08/15/19
NO CHANGE
Target $117
PIPR
Overweight
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.
08/30/19
MKMP
08/30/19
NO CHANGE
Target $118
MKMP
Buy
Concho Resources price target lowered to $118 from $131 at MKM Partners
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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