Newfield Exploration Co. (NFX) Upgraded at Zacks Investment Research
Newfield Exploration Co. (NYSE:NFX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The firm presently has a $48.00 price target on the energy company’s stock. Zacks Investment Research’s price target would suggest a potential upside of 12.76% from the stock’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.”
Other research analysts have also recently issued reports about the stock. Williams Capital started coverage on shares of Newfield Exploration in a research note on Monday, August 29th. They issued a “buy” rating and a $58.00 price objective on the stock. Canaccord Genuity started coverage on shares of Newfield Exploration in a research note on Wednesday, June 29th. They issued a “buy” rating and a $48.00 price objective on the stock. Simmons lifted their price objective on shares of Newfield Exploration from $50.00 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday, July 6th. Imperial Capital reissued an “outperform” rating and issued a $53.00 price objective on shares of Newfield Exploration in a research note on Friday, September 9th. Finally, Cantor Fitzgerald reissued a “buy” rating and issued a $44.00 price objective on shares of Newfield Exploration in a research note on Wednesday, June 22nd. One research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $46.82.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/17/newfield-exploration-co-nfx-upgraded-at-zacks-investment-research.html
Shares of Newfield Exploration (NYSE:NFX) traded up 0.428% during mid-day trading on Monday, hitting $42.752. 892,700 shares of the company’s stock traded hands. The company’s market cap is $8.41 billion. Newfield Exploration has a 52 week low of $20.84 and a 52 week high of $47.56. The firm has a 50-day moving average of $43.04 and a 200 day moving average of $41.13.
Newfield Exploration (NYSE:NFX) last announced its earnings results on Tuesday, August 2nd. The energy company reported $0.32 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.24. Newfield Exploration had a negative net margin of 226.57% and a positive return on equity of 9.07%. The company had revenue of $381 million for the quarter, compared to analysts’ expectations of $379.74 million. During the same period last year, the firm earned $0.46 earnings per share. The business’s revenue for the quarter was down 18.8% on a year-over-year basis. Equities research analysts predict that Newfield Exploration will post $0.76 EPS for the current year.
In other Newfield Exploration news, Director Juanita F. Romans sold 2,015 shares of the company’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $46.04, for a total value of $92,770.60. Following the completion of the sale, the director now directly owns 36,810 shares of the company’s stock, valued at approximately $1,694,732.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Pamela J. Gardner sold 10,685 shares of the company’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $46.22, for a total transaction of $493,860.70. Following the completion of the sale, the director now directly owns 43,749 shares of the company’s stock, valued at $2,022,078.78. The disclosure for this sale can be found here. 0.44% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of NFX. Strs Ohio increased its stake in shares of Newfield Exploration by 1.2% in the second quarter. Strs Ohio now owns 517,963 shares of the energy company’s stock worth $22,883,000 after buying an additional 5,963 shares during the last quarter. Shell Asset Management Co. bought a new position in Newfield Exploration during the second quarter worth $333,000. Renaissance Technologies LLC boosted its position in Newfield Exploration by 20.5% in the first quarter. Renaissance Technologies LLC now owns 981,000 shares of the energy company’s stock worth $32,618,000 after buying an additional 166,600 shares during the last quarter. Nuveen Asset Management LLC boosted its position in Newfield Exploration by 3.0% in the first quarter. Nuveen Asset Management LLC now owns 128,825 shares of the energy company’s stock worth $4,283,000 after buying an additional 3,769 shares during the last quarter. Finally, Bank of Montreal Can bought a new position in Newfield Exploration during the second quarter worth $6,419,000. 99.63% of the stock is owned by institutional investors and hedge funds.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Newfield Exploration Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Newfield Exploration Co. and related companies with MarketBeat.com's FREE daily email newsletter.