Newfield Exploration (NFX) Upgraded to Strong-Buy at Zacks Investment Research
Newfield Exploration (NYSE:NFX) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday. The firm presently has a $40.00 target price on the energy company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 15.11% from the stock’s previous close.
According to Zacks, “Newfield Exploration is well positioned to benefit from its holding in the Anadarko Basin. The company has substantial acres of land in the Oklahoma region, which lends it financial flexibility and a sizeable acreage position in the region. This has helped the company achieve higher-than-average level of production. We appreciate the company’s measures to reduce cost related to core operations, especially in a volatile business scenario. Through the nine-month ended Sep 30, 2017, the company’s total operating expenses plunged almost 56%. Newfield has no current debt, while long-term debt fell significantly from the high mark attained at 2014-beginning. The pricing chart for the last six months looks impressive as the stock has rallied 29.1%, outperforming the industry’s 20.7% gain.”
Other equities analysts have also issued reports about the company. Scotiabank reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Newfield Exploration in a research note on Wednesday, November 1st. Williams Capital set a $46.00 target price on Newfield Exploration and gave the stock a “buy” rating in a report on Wednesday, November 1st. SunTrust Banks set a $37.00 target price on Newfield Exploration and gave the stock a “buy” rating in a report on Tuesday, October 31st. BMO Capital Markets set a $34.00 target price on Newfield Exploration and gave the stock a “buy” rating in a report on Tuesday, October 10th. Finally, Stifel Nicolaus set a $37.00 target price on Newfield Exploration and gave the stock a “buy” rating in a report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $39.05.
Newfield Exploration (NYSE:NFX) last posted its quarterly earnings data on Tuesday, October 31st. The energy company reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.09. The company had revenue of $439.00 million for the quarter, compared to analyst estimates of $419.75 million. Newfield Exploration had a return on equity of 35.28% and a net margin of 20.62%. The firm’s quarterly revenue was up 12.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.45 earnings per share. analysts predict that Newfield Exploration will post 2.14 EPS for the current year.
In related news, CEO Lee K. Boothby sold 12,000 shares of Newfield Exploration stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $31.70, for a total transaction of $380,400.00. Following the transaction, the chief executive officer now owns 255,322 shares of the company’s stock, valued at $8,093,707.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Juanita F. Romans sold 3,500 shares of Newfield Exploration stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $30.02, for a total value of $105,070.00. Following the transaction, the director now directly owns 39,034 shares in the company, valued at approximately $1,171,800.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 39,500 shares of company stock valued at $1,243,150. Corporate insiders own 0.54% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Nisa Investment Advisors LLC boosted its position in shares of Newfield Exploration by 5.1% during the fourth quarter. Nisa Investment Advisors LLC now owns 124,200 shares of the energy company’s stock valued at $3,916,000 after buying an additional 6,000 shares during the last quarter. Waverton Investment Management Ltd purchased a new position in Newfield Exploration in the fourth quarter worth $494,000. Prudential Financial Inc. boosted its position in Newfield Exploration by 26.9% in the third quarter. Prudential Financial Inc. now owns 4,114,290 shares of the energy company’s stock worth $122,071,000 after purchasing an additional 872,434 shares during the last quarter. Atlantic Trust Group LLC boosted its position in Newfield Exploration by 10.1% in the third quarter. Atlantic Trust Group LLC now owns 279,646 shares of the energy company’s stock worth $8,297,000 after purchasing an additional 25,738 shares during the last quarter. Finally, Parametric Portfolio Associates LLC boosted its position in Newfield Exploration by 36.5% in the third quarter. Parametric Portfolio Associates LLC now owns 588,777 shares of the energy company’s stock worth $17,469,000 after purchasing an additional 157,483 shares during the last quarter. 99.67% of the stock is currently owned by institutional investors.
Newfield Exploration Company Profile
Newfield Exploration Company is an independent exploration and production company. It is engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids. Its operating segments are the United States and China. Its the United States operations are onshore and focus primarily on large scale, liquids resource plays.
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