Essex Investment Management Co. LLC Acquires New Stake in Newfield Exploration Co. (NFX)
Essex Investment Management Co. LLC acquired a new stake in Newfield Exploration Co. (NYSE:NFX) during the second quarter, Holdings Channel reports. The institutional investor acquired 12,054 shares of the energy company’s stock, valued at approximately $533,000.
Other hedge funds also recently made changes to their positions in the company. Adell Harriman & Carpenter Inc. boosted its position in shares of Newfield Exploration by 4.8% in the first quarter. Adell Harriman & Carpenter Inc. now owns 6,525 shares of the energy company’s stock worth $217,000 after buying an additional 300 shares in the last quarter. Daiwa Securities Group Inc. purchased a new position in shares of Newfield Exploration during the second quarter worth about $221,000. Acadian Asset Management LLC boosted its position in shares of Newfield Exploration by 3,279.3% in the second quarter. Acadian Asset Management LLC now owns 5,069 shares of the energy company’s stock worth $224,000 after buying an additional 4,919 shares in the last quarter. Conning Inc. purchased a new position in shares of Newfield Exploration during the second quarter worth about $229,000. Finally, FDO Partners LLC purchased a new position in shares of Newfield Exploration during the first quarter worth about $233,000. 99.61% of the stock is owned by institutional investors.
Shares of Newfield Exploration Co. (NYSE:NFX) traded down 0.30% on Thursday, hitting $43.18. The stock had a trading volume of 1,687,024 shares. The firm has a 50-day moving average price of $43.46 and a 200-day moving average price of $40.73. The stock’s market capitalization is $8.50 billion. Newfield Exploration Co. has a 52 week low of $20.84 and a 52 week high of $47.56.
Newfield Exploration (NYSE:NFX) last issued its quarterly earnings data on Tuesday, August 2nd. The energy company reported $0.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.24. The business earned $381 million during the quarter, compared to analysts’ expectations of $379.74 million. Newfield Exploration had a positive return on equity of 9.07% and a negative net margin of 226.57%. The company’s revenue for the quarter was down 18.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.46 EPS. Equities analysts expect that Newfield Exploration Co. will post $0.76 earnings per share for the current fiscal year.
NFX has been the topic of a number of recent research reports. Deutsche Bank AG increased their target price on Newfield Exploration from $43.00 to $47.00 and gave the stock a “buy” rating in a report on Tuesday, June 14th. Barclays PLC increased their target price on Newfield Exploration from $28.00 to $35.00 and gave the stock an “overweight” rating in a report on Friday, June 24th. Simmons increased their target price on Newfield Exploration from $50.00 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, July 6th. Howard Weil increased their target price on Newfield Exploration from $47.00 to $51.00 and gave the stock a “sector outperform” rating in a report on Thursday, June 23rd. Finally, Scotiabank reiterated a “sector outperform” rating and issued a $51.00 target price (up from $47.00) on shares of Newfield Exploration in a report on Saturday, June 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Newfield Exploration presently has an average rating of “Buy” and an average target price of $46.67.
In related news, Director Juanita F. Romans sold 2,015 shares of the company’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $46.04, for a total value of $92,770.60. Following the completion of the transaction, the director now owns 36,810 shares of the company’s stock, valued at approximately $1,694,732.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 value of $493,860.70. Following the completion of the transaction, the director now directly 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. 0.44% of the stock is owned by insiders.
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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