- Concho Resources (CXO +o.6%) is removed from the Focus List at Howard Weil, which sees a lack of near-term catalysts driving the stock, but the firm keeps shares at Sector Outperform with a $167 target price.
- Despite exceeding consensus expectations for Q2 earnings and production, and reaffirming FY 2014 volume guidance, the stock fell yesterday as investors likely saw an opportunity to take profits in a name that has seen a ~60% Y/Y stock price appreciation.
- Separately, COO Joe Wright complained yesterday in CXO's earnings conference call that the company has faced delays of several hours to get sand for fracking in the Permian Basin.