Commodity Channel Index
|Bid||48.94 x 800|
|Ask||48.93 x 800|
|Day's Range||47.41 - 49.17|
|52 Week Range||33.13 - 104.88|
|Beta (5Y Monthly)||1.84|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jul 29, 2020|
|Forward Dividend & Yield||0.80 (1.58%)|
|Ex-Dividend Date||May 07, 2020|
|1y Target Est||73.53|
Wall Street's main indexes looked set to open lower on Tuesday following the benchmark S&P 500's longest streak of gains this year as investors weighed the risks to the economy from tens of thousands of new coronavirus cases nationwide. Energy stocks including Occidental Petroleum Corp and Concho Resources dropped about 2% on worries over fuel demand. It looks like it will be a slight retracement of Monday and Thursday's impressive gains, said Ryan Giannotto, director of research at GraniteShares ETFs in New York.
Over the short term, markets are likely to bounce in a range, but as long as new cases don’t significantly strain the health care system, and Americans don’t lose their nerve and return to hunkering down at home, Evercore ISI’s Dennis DeBusschere thinks markets could be in for a “sharp rebound.”
Concho Resources (CXO) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank 2 (Buy).
The grim milestones of 10 million global coronavirus cases and more than 500,000 deaths, along with spikes in a number of U.S. states, haven't deterred investors on Monday. U.S. stock futures pointed higher before the open, despite more indications a second wave may be around the corner.
Callon Petroleum (CPE) expects to have an inventory of 70 drilled, uncompleted wells by second quarter-end, which is set to pave the way for capital-efficient production addition.
The recent pullback in energy shares has moved some stocks into an "advantaged" position, with an improving oil price outlook over the next year, according to BofA Securities.BofA's Energy Sector Upgrades Doug Leggate upgraded Concho Resources Inc (NYSE: CXO) from Neutral to Buy and reduced the price target from $76 to $70.The analyst upgraded Cimarex Energy Co (NYSE: XEC) from Underperform to Neutral with an unchanged $33 price target. BofA's Concho, Cimarex Takeaways While uncertainty and volatility are likely to remain in the energy sector, the price of Brent crude is expected to reach $60 in 2021, Leggate said in the Sunday upgrade note. (See his track record here.)The analyst recommended moving to large-caps stocks that are "leveraged to a faster recovery in oil prices."Referring to Concho Resources, he said the company has a strong balance sheet and premier position in the Permian basin.Concho is "a best of breed name in US onshore, with attractive upside," Leggate said. Cimarex Energy has the free cash flow capacity to "increase investment, stem volume declines and resume the growth needed to justify its share price," the analyst said. The Neutral rating hinges on the existence of other U.S. oil stocks that offer a more attractive risk-reward trade-off.CXO, XEC Price Action Shares of Concho Resources were up 0.13% at $55.57 at the time of publication, while Cimarex shares were 0.72% higher at $29.30. Related Links: Benzinga's Top Upgrades, Downgrades For June 19, 202010 Energy Stocks Moving In Monday's Pre-Market SessionLatest Ratings for CXO DateFirmActionFromTo Jun 2020MizuhoDowngradesBuyNeutral Jun 2020B of A SecuritiesDowngradesBuyNeutral Jun 2020Credit SuisseMaintainsOutperform View More Analyst Ratings for CXO View the Latest Analyst Ratings See more from Benzinga * Why A Speedway Sale Could 'Create Several Options' For Marathon Petroleum During Energy Downturn * Carnival Is Staying Afloat Through 2020, BofA Says After Cruise Line's Preliminary Q2 Report * BofA Raises Jazz Pharma Estimates After Zepzelca Update(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Concho Resources Inc. (NYSE: CXO) will host a conference call on Thursday, July 30, 2020 at 8:00 AM CT (9:00 AM ET) to discuss second-quarter 2020 financial and operating results. The Company plans to announce second-quarter 2020 results on Wednesday, July 29, 2020, after close of trading.
Centennial Resource Development's (CDEV) efforts to reduce debt and improve balance sheet strength amid the current market volatility are commendable.
Sinopec's (SNP) Zhanjiang refining complex has a crude oil processing capacity of 200,000 bpd and an ethylene facility of 800,000 tons per year.
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