Market Overview

UPDATE: Canaccord Genuity Raises PT on Concho Resources on Lower Operating Expenses

Related CXO
Benzinga's Top Downgrades
Concho Resources Prices Upsized 7.7M Share Offering
Illumina Downgraded; Apple Supplier Skyworks PT Cut (Investor's Business Daily)

In a report published Monday, Canaccord Genuity reiterated its Buy rating on Concho Resources (NYSE: CXO), and raised its price target from $110.00 to $115.00.

Canaccord Genuity noted, “We are increasing our target price $5 to $115 per share due to slightly higher capital productivity/oil composition and lower operating expense. Our '13 production outlook of 34.2 Mmboe is slightly above the midpoint of company guidance (33.4-34.8 Mmboe). To continue to improve capital efficiency, Concho is increasingly emphasizing horizontal development across the company's Permian Basin leasehold with the exception of the vertical Wolfberry play and core vertical Yeso development. In '13, at least half the company's planned 30-rig drilling program will conduct horizontal operations.”

Concho Resources closed on Friday at $94.94.

Latest Ratings for CXO

Oct 2015SunTrust Robinson HumphreyDowngradesBuyNeutral
Sep 2015CitigroupMaintainsBuy
Sep 2015BarclaysMaintainsOverweight

View More Analyst Ratings for CXO
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Price Target Analyst Ratings


Related Articles (CXO)

View Comments and Join the Discussion!

Get Benzinga's Newsletters