Market Overview

UPDATE: Deutsche Bank Raises PT to $135 on Concho Resources; Three Rivers Acquisition

Related CXO
KLR Group Offers Oil & Gas Exploration, Production Update; Names Favorite Stocks In Sector
UPDATE: KLR Group Upgrades Concho Resources
Permian Oil Surge Creates Need for Pipelines (Fox Business)

Deutsche Bank increases its price target from $131 to $135 on Buy-rated Concho Resources (NYSE: CXO) on the company's active acquisition streak.

Deutsche Bank says, "A key thesis behind our upgrade of CXO on Apr 2nd was the likelihood of an active year of acquisition. CXO's purchase of Three Rivers, was the first major deal of the year, acquiring 200k net acres across the Delaware and Midland Basins. With its inexpensive cost of capital and operational strength, we remain bullish given the addition to what is already a robust inventory position and relatively attractive deal metrics. With its portfolio of long-lived, accretive, oil driven growth within cash flow, CXO remains a core holding."

CXO closed at $92.02 on Monday.

Latest Ratings for CXO

DateFirmActionFromTo
Nov 2014BarclaysMaintainsOverweight
Nov 2014CitigroupMaintainsBuy
Oct 2014Stifel NicolausDowngradesBuyHold

View More Analyst Ratings for CXO
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Price Target Reiteration Pre-Market Outlook Analyst Ratings

 

Related Articles (CXO)

Around the Web, We're Loving...

Get Benzinga's Newsletters