Newfield Exploration Co. (NFX) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Newfield Exploration Co. (NYSE:NFX) from a hold rating to a buy rating in a report issued on Monday morning. They currently have $48.00 target price on the energy company’s stock.
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 research analysts have also recently weighed in on NFX. Barclays PLC reiterated a buy rating on shares of Newfield Exploration in a research report on Sunday, June 26th. Wunderlich raised their price target on shares of Newfield Exploration from $59.00 to $65.00 and gave the stock a buy rating in a report on Thursday, August 4th. Stifel Nicolaus raised their price target on shares of Newfield Exploration from $44.00 to $48.00 and gave the stock a buy rating in a report on Tuesday, June 28th. KLR Group cut shares of Newfield Exploration from an accumulate rating to a hold rating and reduced their price target for the stock from $48.00 to $47.00 in a report on Friday, August 5th. Finally, Canaccord Genuity assumed coverage on shares of Newfield Exploration in a report on Wednesday, June 29th. They issued a buy rating and a $48.00 price target for the company. One analyst has rated the stock with a sell rating, six have issued 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 target price of $46.82.
Shares of Newfield Exploration (NYSE:NFX) traded down 0.49% during midday trading on Monday, reaching $42.65. 259,770 shares of the company’s stock traded hands. The stock’s market cap is $8.39 billion. The stock has a 50 day moving average of $43.01 and a 200-day moving average of $41.32. Newfield Exploration has a 12 month low of $20.84 and a 12 month high of $47.56.
Newfield Exploration (NYSE:NFX) last posted its quarterly earnings data on Tuesday, August 2nd. The energy company reported $0.32 earnings per share 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 earned $381 million during the quarter, compared to analysts’ expectations of $379.74 million. During the same period in the prior year, the company posted $0.46 earnings per share. Newfield Exploration’s revenue for the quarter was down 18.8% compared to the same quarter last year. On average, equities research analysts forecast that Newfield Exploration will post $0.76 EPS for the current fiscal year.
In related 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 directly owns 36,810 shares in the company, valued at approximately $1,694,732.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 $2,022,078.78. The disclosure for this sale can be found here. Corporate insiders own 0.44% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Stephens Inc. AR increased its position in shares of Newfield Exploration by 0.7% in the second quarter. Stephens Inc. AR now owns 7,431 shares of the energy company’s stock worth $328,000 after buying an additional 50 shares during the last quarter. AXA increased its position in shares of Newfield Exploration by 1.1% in the second quarter. AXA now owns 12,313 shares of the energy company’s stock worth $544,000 after buying an additional 138 shares during the last quarter. Norinchukin Bank The increased its position in shares of Newfield Exploration by 1.5% in the second quarter. Norinchukin Bank The now owns 10,317 shares of the energy company’s stock worth $456,000 after buying an additional 150 shares during the last quarter. IBM Retirement Fund increased its position in shares of Newfield Exploration by 0.8% in the second quarter. IBM Retirement Fund now owns 20,064 shares of the energy company’s stock worth $886,000 after buying an additional 161 shares during the last quarter. Finally, State Treasurer State of Michigan increased its position in shares of Newfield Exploration by 0.3% in the second quarter. State Treasurer State of Michigan now owns 68,372 shares of the energy company’s stock worth $3,021,000 after buying an additional 200 shares during the last quarter. Institutional investors own 99.63% of the company’s stock.
About Newfield Exploration
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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