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.
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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.