Newfield Exploration (NFX) Shares Gap Down After Analyst Downgrade
Newfield Exploration Co. (NYSE:NFX)’s share price gapped down before the market opened on Wednesday after Morgan Stanley lowered their price target on the stock from $23.00 to $20.00. The stock had previously closed at $16.54, but opened at $17.68. Morgan Stanley currently has a hold rating on the stock. Newfield Exploration shares last traded at $18.69, with a volume of 380257 shares changing hands.
Other equities analysts also recently issued research reports about the stock. Seaport Global Securities restated a “buy” rating on shares of Newfield Exploration in a report on Wednesday, July 25th. Zacks Investment Research upgraded Newfield Exploration from a “hold” rating to a “buy” rating and set a $27.00 target price on the stock in a research report on Thursday, October 18th. Williams Capital reiterated a “buy” rating and issued a $44.00 target price on shares of Newfield Exploration in a research report on Thursday, November 1st. SunTrust Banks dropped their target price on Newfield Exploration from $30.00 to $23.00 and set a “hold” rating on the stock in a research report on Monday, October 29th. Finally, Edward Jones lowered Newfield Exploration to a “hold” rating in a research report on Friday, November 2nd. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and ten have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $35.65.
In other Newfield Exploration news, insider Lee K. Boothby sold 16,161 shares of the company’s stock in a transaction that occurred on Thursday, September 27th. The stock was sold at an average price of $29.25, for a total value of $472,709.25. Following the sale, the insider now owns 194,420 shares in the company, valued at approximately $5,686,785. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.59% of the company’s stock.
The stock has a market cap of $3.87 billion, a PE ratio of 8.72, a P/E/G ratio of 0.45 and a beta of 1.65. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.72 and a quick ratio of 0.70.
Newfield Exploration (NYSE:NFX) last announced its earnings results on Wednesday, October 31st. The energy company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.15. Newfield Exploration had a return on equity of 43.65% and a net margin of 21.14%. The firm had revenue of $711.00 million for the quarter, compared to analyst estimates of $661.27 million. During the same quarter last year, the firm posted $0.52 EPS. The business’s revenue was up 62.0% on a year-over-year basis. As a group, analysts expect that Newfield Exploration Co. will post 3.59 earnings per share for the current year.
About Newfield Exploration (NYSE:NFX)
Newfield Exploration Company, an independent energy company, engages in the exploration, development, and production of crude oil, natural gas, and natural gas liquids in the United States. The company has operations principally in the Anadarko and Arkoma basins of Oklahoma, the Williston Basin of North Dakota, and the Uinta Basin of Utah.
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