Concho Resources enjoys more upgrades on ambitious growth plan

Praise continues to roll in for Concho Resources' (CXO +1.6%) ambitious growth plan announced last week, as Canaccord is the latest firm to upgrade shares.

In raising its rating to Buy from Hold with a $130 price target, up from $101, the firm says it appreciates CXO's plan to advance NAV with its rich inventory of locations across the Permian and its intention to provide near-term visibility of the plan by disclosing quarterly guidance going forward.

SunTrust also raises shares to Buy from Neutral, and lifts its price target to $145 from $110, on the stronger growth outlook and deeper Midland Basin inventory following industry Upper Spraberry and Wolfcamp D tests.

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Comments (1)
  • User 353732
    , contributor
    Comments (5166) | Send Message
    CXO is now in a position where it must execute flawlessly to meet expectations. The slightest errors or delays in volume ramp up will lead to a vicious sell off: as AREX, JONE know only too well.
    11 Nov 2013, 06:03 PM Reply Like
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