UPDATE: Wunderlich Securities Color On CXO PT Increase

Wunderlich Securities, which raised its PT on shares of Concho Resources, Inc. (NYSE: CXO), is providing some color on the stock.

“Concho Resources has grown its Permian asset base by strategic acquisitions followed by good execution and organic growth,” Wunderlich Securities writes. “The Permian has already cumulatively produced more than 30 billion barrels of oil. CEO Tim Leach believes that between the new plays and the existing plays, the basin could hold enough new oil to replace all the oil that has been produced to date.

“This is a hugely bullish statement and CXO believes that this is a great time to be in the Permian with boots on the ground.”

Concho Resources closed Thursday at $106.53.