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Concho Resources Inc (NYSE:CXO) has been downgraded to Neutral in a report by Seaport Global Securities today.

Seaport Global Securities has downgraded Concho Resources Inc (NYSE:CXO) to Neutral in a report released on Wednesday June 21, 2017.

Just yesterday Concho Resources Inc (NYSE:CXO) traded 0.87% higher at $115.49. CXO’s 50-day average is $115.38 and its two hundred day average is $124.04. With the last close down -0.97% from the 200-day moving average, compared to the S&P 500 which has increased 0.04% over the date range. Volume of trade was up over the average, with 1,385,456 shares of CXO changing hands over the typical 1,298,600

Performance Chart

Concho Resources Inc (NYSE:CXO)

With a total market value of $0, Concho Resources Inc has price-earnings ratio of 28.51 with a one year low of $106.73 and a one year high of $147.55 .

A total of 36 equity analysts have released a ratings update on CXO. Nine equity analysts rating the company a strong buy, eighteen equity analysts rating the company a buy, nine equity analysts rating the company a hold, zero equity analysts rating the company a underperform, and finally zero equity analysts rating the company a sell with a one year target of $129.19.

Brief Synopsis About Concho Resources Inc (NYSE:CXO)

Concho Resources Inc. is an independent oil and natural gas company engaged in the acquisition, development and exploration of oil and natural gas properties. The Company's four operating areas include the Northern Delaware Basin, the Southern Delaware Basin, the Midland Basin and the New Mexico Shelf. As of December 31, 2016, the Company's operations were focused in the Permian Basin, which underlies an area of Southeast New Mexico and West Texas approximately 250 miles wide and 300 miles long. The Permian Basin is an oil and natural gas producing region in the United States and is characterized by multiple producing horizons and enhanced recovery potential. As of December 31, 2016, the Company produced approximately 55.1 million barrels of oil equivalent (MMBoe) of oil and natural gas. As of December 31, 2016, all of its 720 MMBoe total estimated proved reserves were located in its core operating areas and consisted of approximately 59.5% oil and 40.5% natural gas.

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