Newfield Exploration Co. (NFX) Stock Rating Upgraded by Zacks Investment Research
Newfield Exploration Co. (NYSE:NFX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The firm presently has a $48.00 target price on the energy company’s stock. Zacks Investment Research’s price target would suggest a potential upside of 12.76% from the company’s current price.
According to Zacks, “Newfield Exploration is well positioned to benefit from its holding in the Anadarko Basin. The company increased its full-year 2016 net production guidance in the range of 58.0 – 59.5 MMBOE compared to its earlier range of 56.0 – 58.0 MMBOE. Newfield has also hiked its capital spending for 2016 to $700-$750 million from $625-$675 million due to increase in activity levels. The company expects production from Anadarko to increase more than 20% year over year, while yield from the STACK acreage is expected at 1.1 MMBOE, up from 950 MBOE earlier. We believe that Newfield Exploration’s exposure to emerging resource plays, along with its shift from natural gas to liquids, will help it to grow in the exploration and production (E&P) space.”
Several other equities analysts have also weighed in on the company. Imperial Capital restated an “outperform” rating and set a $53.00 target price on shares of Newfield Exploration in a report on Friday, September 9th. Nomura restated a “buy” rating and set a $47.00 target price (up from $43.00) on shares of Newfield Exploration in a report on Tuesday, July 5th. Simmons raised their target price on Newfield Exploration from $50.00 to $54.00 and gave the company an “outperform” rating in a report on Wednesday, July 6th. JPMorgan Chase & Co. restated a “buy” rating on shares of Newfield Exploration in a report on Wednesday, August 3rd. Finally, Williams Capital initiated coverage on Newfield Exploration in a report on Monday, August 29th. They set a “buy” rating and a $58.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. Newfield Exploration currently has an average rating of “Buy” and a consensus price target of $46.82.
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Shares of Newfield Exploration (NYSE:NFX) traded up 0.61% during mid-day trading on Monday, reaching $42.83. The company’s stock had a trading volume of 868,796 shares. Newfield Exploration has a 12 month low of $20.84 and a 12 month high of $47.56. The company has a 50 day moving average price of $43.04 and a 200 day moving average price of $41.13. The stock’s market capitalization is $8.43 billion.
Newfield Exploration (NYSE:NFX) last posted its earnings results on Tuesday, August 2nd. The energy company reported $0.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.24. Newfield Exploration had a positive return on equity of 9.07% and a negative net margin of 226.57%. The company had revenue of $381 million for the quarter, compared to analyst estimates of $379.74 million. During the same period last year, the company earned $0.46 earnings per share. The business’s revenue was down 18.8% compared to the same quarter last year. On average, equities research analysts anticipate that Newfield Exploration will post $0.76 earnings per share for the current fiscal year.
In other Newfield Exploration news, Director Juanita F. Romans sold 2,015 shares of the company’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $46.04, for a total transaction of $92,770.60. Following the completion of the sale, the director now owns 36,810 shares in the company, valued at approximately $1,694,732.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Pamela J. Gardner sold 10,685 shares of the company’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $46.22, for a total transaction of $493,860.70. Following the sale, the director now owns 43,749 shares of the company’s stock, valued at approximately $2,022,078.78. The disclosure for this sale can be found here. Company insiders own 0.44% of the company’s stock.
Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Newfield Exploration by 12.5% in the second quarter. Vanguard Group Inc. now owns 19,099,273 shares of the energy company’s stock valued at $843,806,000 after buying an additional 2,128,367 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Newfield Exploration by 49.9% in the first quarter. Wellington Management Group LLP now owns 19,040,494 shares of the energy company’s stock valued at $633,096,000 after buying an additional 6,337,413 shares during the period. State Street Corp raised its position in shares of Newfield Exploration by 15.0% in the second quarter. State Street Corp now owns 9,771,173 shares of the energy company’s stock valued at $431,692,000 after buying an additional 1,271,965 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of Newfield Exploration by 1.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 6,385,350 shares of the energy company’s stock valued at $282,105,000 after buying an additional 65,942 shares during the period. Finally, Boston Partners purchased a new position in shares of Newfield Exploration during the second quarter valued at about $251,784,000. Institutional investors own 99.63% of the company’s stock.
Newfield Exploration Company Profile
Newfield Exploration Company is an independent energy company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids (NGLs). The Company’s operations are focused primarily on large scale, onshore liquids-rich resource plays in the United States. Its segments are the United States and China.
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