Bank of America Changes Estimates on Concho Resources

Bank of America has published a report on Concho Resources (NYSE: CXO) revising estimates for the oil and natural gas company.

In the report, Bank of America wrote, "CXO reported adj. EPS of $1.09/sh beating BofAMLe by 10¢ and consensus by 15¢. Volumes of 61.2 Mboepd fell shy of our 62.1 Mboepd causing a negative $0.03/sh variance in EPS however, higher realized prices more than offset the losses. CXO's GAAP earnings were $2.24/sh embedding $192.6mm of unrealized derivatives gain."

Bank of America rated Concho Resources a BUY with a price target of $110.00. Concho Resources closed Wednesday at $92.72.