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CXO

Concho Resources

$68.19

-0.63 (-0.92%)

13:45
09/30/19
09/30
13:45
09/30/19
13:45

Concho Resources call volume above normal and directionally bullish

Bullish option flow detected in Concho Resources with 1,734 calls trading, 1.3x expected, and implied vol increasing almost 3 points to 47.87%. 10/4 weekly 71.5 calls and Oct-19 70 calls are the most active options, with total volume in those strikes near 1,200 contracts. The Put/Call Ratio is 0.12. Earnings are expected on October 29th.

  • 02

    Oct

  • 30

    Oct

CXO Concho Resources
$68.19

-0.63 (-0.92%)

09/03/19
MUFG
09/03/19
NO CHANGE
Target $116
MUFG
Overweight
Concho Resources price target lowered to $116 from $121 at MUFG
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.
09/04/19
RBCM
09/04/19
NO CHANGE
Target $120
RBCM
Outperform
Concho Resources price target lowered to $120 from $140 at RBC Capital
RBC Capital analyst Scott Hanold lowered his price target on Concho Resources to $120 after its yesterday's announcement of a near-$1B sale of non-core assets. The analyst says that the deal represents "progress" with the subsequent stock buyback and resulting in debt reduction, but also notes that the announcement was "overshadowed" by higher than expected Delaware Basin well costs. Longer term, Hanold keeps his Outperform rating on Concho Resources, stating that the company has a "strong upside to production growth" given its "abundant inventory" of drilling locations.
09/23/19
SBSH
09/23/19
DOWNGRADE
Target $81
SBSH
Neutral
Concho Resources downgraded to Neutral from Buy at Citi
Citi downgraded Concho Resources to Neutral from Buy and lowered its price target for the shares to $81 from $119.
09/23/19
SBSH
09/23/19
DOWNGRADE
Target $81
SBSH
Neutral
Citi downgrades Concho Resources to Neutral, cuts target to $81
Citi analyst Scott Gruber downgraded Concho Resources to Neutral from Buy and lowered his price target for the shares to $81 from $119 after taking over coverage of the name. The analyst believes Concho presents long term value at current share levels, but he wants to wait for clarity on the company's well performance and free cash potential in 2020 before becoming more constructive.

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