Morgan Keegan Reports Concho Resources, Inc. Shares Performing Well (CXO)

According to Morgan Keegan, Concho Resources, Inc (CXO), stock is up more that 130% since year-end 2009.

Morgan Keegan commented that “Although production is expected to grow substantially in 2011 (up 45%), coupled with best-in-class margins and exploration upside in the Permian, we think the recent spike in oil prices is providing investors with an opportunity to take some profits from an asset class (oily equities) that has dramatically outperformed any relevant index since August 31 2010.”

Concho Resources, Inc. has a $115.00 PT and a Market Perform rating.

Concho Resources, Inc. closed yesterday at $104.64.