Lowering Concho's FVE After Steep Capex Cuts
We are reducing our fair value estimate for Concho Resources to $104 after taking a second look at the firm's fourth-quarter financial and operating results. As a reminder, the firm came within guidance and delivered 7% sequential growth. But it also sharply reduced its 2019 capital budget because of the recent slump in crude prices. It now plans to spend $2.9 billion, which is about $500 million less than previously indicated. As a result, management now expects to release about 10 rigs over th...Concho Resources is an independent oil and natural gas company engaged in the acquisition, development, exploration and production of oil and natural gas properties. The company's operations are primarily focused in the Permian Basin of West Texas and Southeast New Mexico.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.