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Which Would You Bet On: Concho, the Permian—or Both?

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Part 3
Which Would You Bet On: Concho, the Permian—or Both? PART 3 OF 3

Analysts’ Recommendations for CXO after Its Permian Acquisition

Consensus recommendations for Concho

About 73.5% of Wall Street analysts rate Concho Resources (CXO) a “buy,” while ~20.5% rate it a “hold,” and ~6% rate it a “sell.” The average broker target price of $155.67 for Concho Resources implies a return of around 16% in the next 12 months.

The table below shows the specific analysts’ forecasts for Concho Resources following its Permian acquisition announcement.

Analysts&#8217; Recommendations for CXO after Its Permian Acquisition

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Upstream peers Sanchez Energy (SN), Cimarex Energy (XEC), and Newfield Exploration (NFX) have average broker target prices of $8.97, $151.10, and $52.23, respectively. These figures imply returns of approximately ~16%, 18%, and 27%, respectively, in the next 12 months.

Analysts’ high and low target prices for CXO are $192.00 and $124, respectively.

Notably, Concho Resources is a component of the Guggenheim S&P 500 Equal Weight Energy ETF (RYE). RYE invests ~3% of its portfolio in the company.

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