Newfield Exploration’s “Neutral” Rating Reaffirmed at Zacks (NFX)
Newfield Exploration (NYSE:NFX)‘s stock had its “neutral” rating reaffirmed by Zacks in a report released on Wednesday. They currently have a $38.00 target price on the stock. Zacks‘s price target suggests a potential upside of 3.77% from the company’s current price.
Zacks’ analyst wrote, “We are maintaining our recommendation on Newfield Exploration at Neutral. The company should benefit from the positive results of the Uinta Basin, South Cana, Bakken and Eagle Ford. Further, Newfield’s international asset divestitures like the Malaysia business, which was reducing earnings, will help in improving profitability. For 2014, Newfield expects estimated output at about 44-48 million barrels of oil equivalent (MMBOE), up from 40.1 MMBOE in 2013. Though we remain positive on the company’s development program for emerging resource plays, we believe that its sensitivity to gas price volatility will weigh on the stock, along with other factors. Increasing cost pressure in the highly competitive shale plays is also a cause for concern.”
A number of other analysts have also recently weighed in on NFX. Analysts at Societe Generale raised their price target on shares of Newfield Exploration from $37.00 to $42.00 in a research note on Wednesday, May 28th. Separately, analysts at Barclays raised their price target on shares of Newfield Exploration from $36.00 to $39.00 in a research note on Friday, May 2nd. Finally, analysts at Howard Weil raised their price target on shares of Newfield Exploration from $41.00 to $45.00 in a research note on Thursday, May 1st. They now have a “sector outperform” rating on the stock. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Newfield Exploration has an average rating of “Buy” and an average target price of $39.73.
Shares of Newfield Exploration (NYSE:NFX) traded down 0.22% on Wednesday, hitting $36.54. 737,975 shares of the company’s stock traded hands. Newfield Exploration has a one year low of $22.15 and a one year high of $36.98. The stock’s 50-day moving average is $34.11 and its 200-day moving average is $28.71. The company has a market cap of $4.875 billion and a price-to-earnings ratio of 11.91.
Newfield Exploration (NYSE:NFX) last released its earnings data on Tuesday, April 29th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.04. The company had revenue of $553.00 million for the quarter, compared to the consensus estimate of $513.71 million. During the same quarter in the previous year, the company posted $0.45 earnings per share. The company’s revenue for the quarter was up 49.5% on a year-over-year basis. Analysts expect that Newfield Exploration will post $1.96 EPS for the current fiscal year.
In other Newfield Exploration news, VP John H. Jasek sold 10,000 shares of the company’s stock on the open market in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $36.10, for a total value of $361,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Newfield Exploration Company (NYSE:NFX) is an independent energy company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids.
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