Launching Coverage of Concho Resources With Narrow-Moat Rating and $135 FVE
We are launching coverage of Concho Resources with a fair value estimate of $135 per share and a narrow-moat rating. The stock tumbled in the past few weeks following the announcement that the company will acquire RSP Permian in an all-stock transaction that should close in the third quarter. We found this reaction surprising, as RSP is one of the lowest-cost producers in the U.S. exploration and production segment and was substantially undervalued prior to the announcement, in our view (enablin...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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