Morgan Stanley Boosts Newfield Exploration Company (NFX) Price Target to $33.00
Newfield Exploration Company (NYSE:NFX) had its price objective boosted by equities research analysts at Morgan Stanley from $31.00 to $33.00 in a research report issued on Wednesday. The firm currently has an “equal weight” rating on the energy company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 9.20% from the company’s previous close.
A number of other analysts also recently issued reports on the stock. Seaport Global Securities downgraded shares of Newfield Exploration from a “buy” rating to a “sell” rating and reduced their price target for the company from $50.00 to $24.00 in a report on Wednesday, June 21st. BidaskClub downgraded shares of Newfield Exploration from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 21st. BMO Capital Markets set a $34.00 price target on shares of Newfield Exploration and gave the company a “buy” rating in a report on Monday, June 26th. Scotiabank reiterated a “buy” rating and issued a $39.00 price target on shares of Newfield Exploration in a report on Friday, June 30th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $46.00 price target on shares of Newfield Exploration in a report on Thursday, July 6th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $39.72.
Newfield Exploration (NYSE:NFX) opened at 30.22 on Wednesday. Newfield Exploration has a 12 month low of $24.41 and a 12 month high of $50.00. The company has a 50-day moving average of $28.08 and a 200 day moving average of $30.00. The stock has a market capitalization of $5.97 billion, a price-to-earnings ratio of 19.60 and a beta of 1.53.
Newfield Exploration (NYSE:NFX) last announced its quarterly earnings data on Tuesday, August 1st. The energy company reported $0.43 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.01). The firm had revenue of $402.00 million for the quarter, compared to the consensus estimate of $413.70 million. Newfield Exploration had a net margin of 18.82% and a return on equity of 33.17%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.32 earnings per share. On average, equities research analysts anticipate that Newfield Exploration will post $1.91 earnings per share for the current fiscal year.
In related news, insider Lee K. Boothby sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $26.18, for a total transaction of $314,160.00. Following the completion of the transaction, the insider now owns 279,322 shares in the company, valued at approximately $7,312,649.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Roger B. Plank acquired 3,000 shares of Newfield Exploration stock in a transaction that occurred on Friday, August 11th. The shares were purchased at an average price of $25.98 per share, with a total value of $77,940.00. Following the purchase, the director now owns 30,787 shares in the company, valued at $799,846.26. The disclosure for this purchase can be found here. Insiders own 0.54% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Perpetual Ltd purchased a new stake in Newfield Exploration during the 2nd quarter worth approximately $3,388,000. Sentry Investment Management LLC grew its position in Newfield Exploration by 14.4% during the 2nd quarter. Sentry Investment Management LLC now owns 15,542 shares of the energy company’s stock worth $442,000 after purchasing an additional 1,953 shares during the last quarter. Ashburton Jersey Ltd grew its position in Newfield Exploration by 59.4% during the 2nd quarter. Ashburton Jersey Ltd now owns 30,600 shares of the energy company’s stock worth $871,000 after purchasing an additional 11,400 shares during the last quarter. Toronto Dominion Bank grew its position in Newfield Exploration by 25.7% during the 2nd quarter. Toronto Dominion Bank now owns 67,476 shares of the energy company’s stock worth $1,920,000 after purchasing an additional 13,805 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Newfield Exploration during the 2nd quarter worth approximately $781,000. Hedge funds and other institutional investors own 99.15% of the company’s stock.
About Newfield Exploration
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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