CXO - Concho Resources Inc.

NYSE - NYSE Delayed Price. Currency in USD
65.82
+0.08 (+0.12%)
At close: 4:00PM EDT
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Previous Close65.74
Open64.46
Bid65.65 x 900
Ask0.00 x 900
Day's Range64.27 - 66.05
52 Week Range61.37 - 153.38
Volume1,811,679
Avg. Volume2,780,915
Market Cap13.235B
Beta (3Y Monthly)1.65
PE Ratio (TTM)25.27
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield0.50 (0.78%)
Ex-Dividend Date2019-08-08
1y Target EstN/A
Trade prices are not sourced from all markets
  • Here is What Hedge Funds Really Think About Concho Resources Inc. (CXO)
    Insider Monkey

    Here is What Hedge Funds Really Think About Concho Resources Inc. (CXO)

    Is Concho Resources Inc. (NYSE:CXO) a good place to invest some of your money right now? We can gain invaluable insight to help us answer that question by studying the investment trends of top investors, who employ world-class Ivy League graduates, who are given immense resources and industry contacts to put their financial expertise to […]

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  • Permian Oil Producers Steal the Spotlight: 4 Likely Gainers
    Zacks

    Permian Oil Producers Steal the Spotlight: 4 Likely Gainers

    Permian basin is likely to be the major contributor to America's oil production growth.

  • Read This Before Buying Concho Resources Inc. (NYSE:CXO) Shares
    Simply Wall St.

    Read This Before Buying Concho Resources Inc. (NYSE:CXO) Shares

    We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. On...

  • Are Oil Markets Ignoring The Geopolitical Risk Premium?
    Oilprice.com

    Are Oil Markets Ignoring The Geopolitical Risk Premium?

    Oil prices have fallen on Saudi promises that Aramco will restart production by the end of the month, leaving some analysts to question the apparent lack of a risk premium

  • Permian ‘Child’ Wells May Cut Oil Recovery By 20%, Bank Says
    Bloomberg

    Permian ‘Child’ Wells May Cut Oil Recovery By 20%, Bank Says

    (Bloomberg) -- Oil producers drilling so-called parent-child wells in the Permian Basin are risking the loss of 15% to 20% of the crude that can ultimately be recovered from those wells by spacing them too close together, according to a Houston-based investment bank.The analysis from Houston-based investment bank Tudor, Pickering, Holt & Co. -- contained in a 61-page presentation seen by Bloomberg -- is the latest salvo in the debate on the spacing of so-called parent-child wells in the Permian, the most prolific oil patch in the U.S.When drilled too close to the initial “parent” well, output from a “child” can be much less prolific. But producers risk leaving oil in the ground if the spacing is excessive.In much of the Permian, a region that stretches across West Texas and New Mexico, the amount of oil that can be recovered from child wells is on average about 20% to 30% lower than that of the parent, the analysis shows. That means overall production from a particular area could be some 15% to 20% lower than projections made by producers.“Child wells get progressively worse relative to their parent well with tighter spacing,” according to the analysis.In a note to clients Friday, Sanford C. Bernstein analyst Bob Brackett said parent-child interference could end up decreasing overall production by a million barrels a day. “But it’s back end loaded,” he said.It’s not all bad news. One solution to the parent-child problem is to drill and frack both wells at the same time, which has been shown to improve recoveries, according to Tudor, Pickering, Holt. Those “co-developed” wells are showing results that are largely in line with company projections, the analysis said.Last year, 60% of wells in the Permian’s Delaware sub-basin were child or co-developed wells, according to the bank. Until 2017, the bulk of the Delaware was made up of parent wells. Tudor, Pickering, Holt declined to comment on the presentation.Concho ExampleConcho Resources Inc.’s experience highlights how the spacing issue can trip up even well-regarded industry names. Concho shares plunged 22% on Aug. 1 after the company revealed it had spaced a 23-well pad too tightly.Two pioneers of the industry -- Mark Papa and Scott Sheffield, CEOs of Centennial Resource Development Inc. and Pioneer Natural Resources Co. respectively -- warned earlier this month that producers are running out of prime drilling areas and that the issue will lower U.S. production over time.The phenomenon exacerbates challenges posed by the very nature of shale: With well output falling off by as much as 70% in the first year, drillers need to pedal faster and faster just to maintain output.The number of Permian drill-rigs in operation have slumped, something Sheffield said is largely due to the “down spacing” issue. “It’s all because a lot of people are drilling parent-child-relationship wells,” he said in a Bloomberg Television interview this week.(Updates with analyst comment in sixth paragraph.)\--With assistance from David Wethe.To contact the reporters on this story: Rachel Adams-Heard in Houston at radamsheard@bloomberg.net;Kevin Crowley in Houston at kcrowley1@bloomberg.netTo contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Joe Carroll, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • The Zacks Analyst Blog Highlights: Pioneer Natural Resources, Concho Resources, Callon Petroleum, Parsley Energy and Diamondback Energy
    Zacks

    The Zacks Analyst Blog Highlights: Pioneer Natural Resources, Concho Resources, Callon Petroleum, Parsley Energy and Diamondback Energy

    The Zacks Analyst Blog Highlights: Pioneer Natural Resources, Concho Resources, Callon Petroleum, Parsley Energy and Diamondback Energy

  • Permian Oil Production Growth to Continue: 5 Stocks in Focus
    Zacks

    Permian Oil Production Growth to Continue: 5 Stocks in Focus

    Production from the Permian Basin of Texas and New Mexico is set to climb by 71,000 barrels per day to a record of about 4.485 million barrels per day in October.

  • 3 Texas Oil Stocks Poised to Gain from Saudi Cuts
    TipRanks

    3 Texas Oil Stocks Poised to Gain from Saudi Cuts

    The world just lost 5% of its daily oil output, as Saudi Arabi cut production by half in the wake of a drone attack on Saudi Aramco oil fields. The attack was claimed by the Houthi rebels of neighboring Yemen, and is part of an ongoing conflict on the Arabian Peninsula.In immediate, practical terms, industry analysts expect crude to gain as much as $10 per barrel when trading resumes after the weekend. From Seaport Global, head of energy trading Roberto Friendlander said after the attack that the exact spike in oil prices will depend on how long Saudi production is disrupted: “If it is a few days, the Saudis are working to restore production and will provide more information in the next 48 hours, the impact is more likely to be $3-5…”As of early Monday, September 16, Brent crude, the key international benchmark, is up $5.82, or 9.66%, in early hours trading. The price spike, which exceeded $11 in the first few seconds of London’s trading, was the largest intraday jump ever recorded in oil trading. The 5.7 million barrel per day drop in output is the worst disruption the oil markets have ever faced.Of course, every market disruption marks an opportunity for someone. If Saudi oil is off the markets, the supply has to be compensated somewhere, and this where the last few years’ surge in American output is important. Increased production from US oil and gas fields have made the country the world’s top oil producer, and at current trends the US will become a net exporter of oil and gas in 2020.With this in the background, it’s time again to look at the Texas oil companies. The Permian Basin oil fields of West Texas are richest petroleum producing areas in the United States. We’ve dipped into TipRanks’ database, to find out what Wall Street’s analysts are saying about the energy companies working in the Texas oil fields. Concho Resources, Inc.Concho (CXO – Get Report) is one of many energy companies that focuses on the Permian Basin. The company’s specific operating areas are in the Delaware Basin, the Permian’s second largest subdivision, and CXO controls over 1.1 billion barrels of proven hydrocarbon reserves.The stock offers buyers a discount at the moment, as it’s down 24% in the markets following an EPS miss in July’s Q2 earnings report. Despite the miss, both hedge funds and market insiders are picking up this stock. Hedge funds increased holdings in CXO by 1.7 million shares in Q2, while last month, after the earnings report, industry insiders bought over $1.5 million worth of shares in Concho.Wall Street analysts are also bullish on CXO. From MKM Partners, John Gerdes gives it a $116 price target, indicating confidence in an impressive 57% upside. Jefferies analyst Mark Lear is even more optimistic about Concho. His $127 target implies an upside of 72%.Overall, CXO has a $118 average price target from the analysts, suggesting an upside of 61% from the share price of $73. The Moderate Buy consensus rating is based on 12 buys, 2 holds, and 1 sell set in the last three months. Diamondback Energy, Inc.Diamondback (FANG – Get Report) offers investors a firm base of 992 million barrels of proven oil and gas reserves in the Permian Basin. Petroleum makes up 63% of the company’s recoverable assets, while natural gas and natural gas liquids make up the remaining 37%.Diamondback reported a mixed result in the second quarter. EPS and revenues, at $1.70 and $1.02 billion, were both up year-over-year, but missed the forecasts. Net profit was a robust $349 million, and the company continues to pay out its quarterly dividend of 18.75 cents per share. Looking at long-term trends, FANG shares are up 29% in the last five years.Writing from Roth Capital, analyst John White, described the Q2 results as “solid,” and added that he was “encouraged as the company lowered the midpoint of 2019 capital expenditure guidance and increased the midpoint of full year 2019 production guide.” His $140 price target suggests an upside of 44%.Kashy Harrison, of Piper Jaffray, is also bullish on FANG. He raised his price target by a half percent, from $155 to $156, implying an impressive upside potential of 61%.Diamondback’s analyst consensus rating of Strong Buy reflects a unanimous outlook – of 12 recent reviews, all are buys. Shares sell for $96, and the average price target of $143 gives the stock a 48% potential upside. Parsley Energy, Inc.Our third -buy rated Permian producer is Parsley Energy (PE – Get Report). One month ago, Parsley beat the Q2 earnings estimates, reporting 32 cents per share against a forecast of 31, and showing revenues of $498.54 million. Both EPS and revenues easily beat the year-ago numbers. After the earnings beat, company management announced a modest 3-cent quarterly dividend would be initiated, payable on September 30 to shareholders of record as of September 20.The strong quarter has Wall Street analysts bullish on PE. At Merrill Lynch, Asit Sen boosted his price target from $23 to $27, an increase of 17%. The new $27 target suggests an upside of 45% for PE shares.Neal Dingmann, of SunTrust Robinson, maintained his target of $23, along with this buy rating. In his comments on the stock, he wrote, “We continue to forecast Parsley to growth ˜2%+/qtr and become FCF positive this month while remaining FCF positive in 2020 even if oil prices fall as low as ~$51/bbl. Further, we estimate upcoming incremental shareholder returns as seen with the recent institution of a dividend. We believe the company could pursue spin-offs/equity monetizations/sales of its water infrastructure & minerals holdings that could represent upcoming catalysts for the stock.” Dingmann’s price target implies an upside of 24%.PE is the lowest cost of the three stocks in this list, with a share price of $18.50. It represents an affordable point of entry to the explosive Texas oil market. The $23.73 average price target gives the stock an upside potential of 28%. Parsley’s Strong Buy consensus rating comes from 9 buys and 2 holds given in the past three months.Visit TipRanks’ Stock Comparison tool, and take a look at other top oil stocks.

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  • The Zacks Analyst Blog Highlights: Concho, Crescent Point, TOTAL, Transocean and Halliburton
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  • Oil & Gas Stock Roundup: Asset Sale Deals From Concho, Crescent Point Steal the Show
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    Oil & Gas Stock Roundup: Asset Sale Deals From Concho, Crescent Point Steal the Show

    While Concho Resources (CXO) is looking to boost the value of its legacy assets and minimize cost structure, Crescent Point Energy (CPG) is focusing on debt reduction.

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  • Why Concho Resources Stock Cratered 25% in August
    Motley Fool

    Why Concho Resources Stock Cratered 25% in August

    Lower oil and gas prices and a failed test hurt the Permian Basin-focused driller.

  • Oil & Gas US E&P Outlook: Bearish Signals Abound
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    Oil & Gas US E&P Outlook: Bearish Signals Abound

    Oil & Gas US E&P; Outlook: Bearish Signals Abound

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    Wall Street Red in the 1st Trading Day of September

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  • Concho to Sell Shelf Asset, Plans to Begin Buyback Program
    Zacks

    Concho to Sell Shelf Asset, Plans to Begin Buyback Program

    Concho Resources' (CXO) stock repurchase program is a validation of the company's motive to generate strong cash flow alongside sustainable oil production.

  • Energy Industry Stumbles As Recession Looms
    Oilprice.com

    Energy Industry Stumbles As Recession Looms

    Oil prices fell on Tuesday as higher tariffs took effect and fears of an extended trade war returned to hurt demand

  • This Oil Company Is Pounding the Table That Its Stock Is Cheap
    Motley Fool

    This Oil Company Is Pounding the Table That Its Stock Is Cheap

    Concho Resources is selling assets so that it can start buying back a big chunk of its stock.

  • Top Permian Basin Shale Producers Is About To Get Smaller
    Investor's Business Daily

    Top Permian Basin Shale Producers Is About To Get Smaller

    Concho Resources announced Tuesday that it would sell assets in the Permian Basin and launch a buyback program.

  • Is Concho Resources (NYSE:CXO) Using Too Much Debt?
    Simply Wall St.

    Is Concho Resources (NYSE:CXO) Using Too Much Debt?

    Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...