Newfield Exploration Company (NFX) Rating Lowered to Hold at Zacks Investment Research
Newfield Exploration Company (NYSE:NFX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
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 gives it the financial flexibility and a sizeable acreage position in the region. This has helped the company to produce at higher-than-average levels. We appreciate the company’s measures to reduce cost related to core operations, especially in an unfavorable business scenario. However, the company has significant exposure to debt as its debt-to-capitalization ratio is 65.2%, much higher than 49.5% of the broader industry. On top of that, Newfield is primarily focused on the U.S. shale plays, with little exposure to China. Hence, less exposure to more profitable international oil resources is a drag. The company’s price chart has also underperformed the broader indices over the last one year.”
Other research analysts have also issued research reports about the company. Cowen and Company set a $35.00 target price on Newfield Exploration and gave the stock a “buy” rating in a research report on Tuesday, July 18th. Jefferies Group LLC set a $40.00 target price on Newfield Exploration and gave the company a “buy” rating in a research note on Tuesday, August 29th. Stifel Nicolaus set a $37.00 target price on Newfield Exploration and gave the company a “buy” rating in a research note on Friday, August 18th. BidaskClub downgraded Newfield Exploration from a “sell” rating to a “strong sell” rating in a research note on Friday, August 18th. Finally, Barclays PLC cut their target price on Newfield Exploration from $23.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $38.87.
Newfield Exploration (NFX) traded up $0.32 on Friday, reaching $33.31. The company’s stock had a trading volume of 2,648,900 shares, compared to its average volume of 3,304,512. The company has a market cap of $6,649.31, a price-to-earnings ratio of 16.57, a price-to-earnings-growth ratio of 1.40 and a beta of 1.47. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.17 and a quick ratio of 1.15. Newfield Exploration has a fifty-two week low of $24.41 and a fifty-two week high of $50.00.
Newfield Exploration (NYSE:NFX) last released its quarterly earnings results on Tuesday, October 31st. The energy company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.09. The business had revenue of $439.00 million during 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%. Newfield Exploration’s quarterly revenue was up 12.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.45 EPS. analysts anticipate that Newfield Exploration will post 2.06 earnings per share for the current fiscal year.
In other Newfield Exploration news, Director Juanita F. Romans sold 3,500 shares of the business’s stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $30.02, for a total transaction of $105,070.00. Following the completion of the transaction, the director now owns 39,034 shares in the company, valued at $1,171,800.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $314,160.00. Following the transaction, the insider now owns 279,322 shares of the company’s stock, valued at approximately $7,312,649.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,500 shares of company stock valued at $1,148,830. 0.54% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new position in Newfield Exploration in the second quarter worth approximately $42,542,000. FMR LLC raised its stake in Newfield Exploration by 9.9% in the second quarter. FMR LLC now owns 10,459,662 shares of the energy company’s stock worth $297,683,000 after buying an additional 938,740 shares in the last quarter. Prudential Financial Inc. raised its stake 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 buying an additional 872,434 shares in the last quarter. Schroder Investment Management Group increased its position in shares of Newfield Exploration by 70.3% during the third quarter. Schroder Investment Management Group now owns 2,105,206 shares of the energy company’s stock worth $62,209,000 after purchasing an additional 869,092 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Newfield Exploration by 3.3% during the second quarter. Vanguard Group Inc. now owns 23,677,528 shares of the energy company’s stock worth $673,862,000 after purchasing an additional 760,793 shares in the last quarter. Hedge funds and other institutional investors own 98.76% of the company’s stock.
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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