Raising Concho FVE on More Aggressive Drilling Program
After digesting Concho's second-quarter earnings release we believe our prior assumptions were too conservative, even after factoring in our bearish $55 per barrel midcycle forecast for WTI. Accordingly, we have raised our fair value estimate to $147 per share from $143. That makes shares look slightly undervalued, but with a very slender margin. We suggest investors wait for a pullback.The RSP Permian acquisition closed in July, and the combined entity is reportedly running 32 horizontal rigs....
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.
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