I've been working on CXO all morning and we will be sending out an updated profile this afternoon. I am increasing my valuation by $11.00/share to $151.00.
On August 15th Concho announced a big acquisition in the Midland Basin that will boost production by 10,000 Boepd (67% oil) and sets the stage for high double-digit production growth in 2017.
CXO is one of the "Elite Eight" in our Sweet 16. The Elite Eight should be your core holdings. Their strong balance sheets and access to capital give them a definite edge at this point in the oil price cycle. CXO beats my production forecast quarter-after-quarter and I expect them to do the same going forward.
Concho Resources - Valuation being raised
Concho Resources - Valuation being raised
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group