Downgrades Overweight Underweight X

CXO Concho Resources

Morgan Stanley

$131 $64

Reiterated Buy X

CXO Concho Resources

BofA/Merrill

$145 $136

Reiterated Buy X

CXO Concho Resources

Williams Capital Group

$171 $155

Initiated Buy X

CXO Concho Resources

Mizuho

$156

Upgrades Eq-Weight Overweight X

CXO Concho Resources

Stephens

Upgrades Eq Weight Overweight X

CXO Concho Resources

Barclays

$171 $162

Upgrades Eq-Weight Overweight X

CXO Concho Resources

Morgan Stanley

Initiated Overweight X

CXO Concho Resources

KeyBanc Capital Mkts

$118

Upgrades Neutral Buy X

CXO Concho Resources

Seaport Global Securities

$145 $160

Initiated Buy X

CXO Concho Resources

MKM Partners

$176

Initiated Equal-Weight X

CXO Concho Resources

Stephens

$185

Initiated Outperform X

CXO Concho Resources

Cowen

Upgrades Mkt Perform Outperform X

CXO Concho Resources

Bernstein

Resumed Outperform X

CXO Concho Resources

Wells Fargo

$209

Resumed Overweight X

CXO Concho Resources

Piper Jaffray

Upgrades Hold Buy X

CXO Concho Resources

SunTrust

Resumed Equal-Weight X

CXO Concho Resources

Morgan Stanley

$155

Upgrades Hold Buy X

CXO Concho Resources

KLR Group

Upgrades Neutral Buy X

CXO Concho Resources

Goldman

Initiated Hold X

CXO Concho Resources

TD Securities

Initiated Buy X

CXO Concho Resources

Williams Capital Group

$178

Downgrades Outperform Mkt Perform X

CXO Concho Resources

Bernstein

$180 $130

Downgrades Buy Hold X

CXO Concho Resources

SunTrust

Initiated Hold X

CXO Concho Resources

Deutsche Bank

$171

Initiated Outperform X

CXO Concho Resources

Bernstein

CXO  Concho Resources Inc.

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.