Newfield Exploration Company (NYSE:NFX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday.
According to Zacks, “Newfield has a huge inventory of drilling wells in the prospective crude oil and condensate shale plays of Anadarko and Arkoma basins of Oklahoma. In these resources, the company has been investing significantly that will likely contribute to production growth. We appreciate the company’s measures to reduce cost related to core operations, especially in an unfavorable business scenario. Since the beginning of this year, Newfield has managed to lower its operating cost by more than 65%. However, the company has significant exposure to debt as its debt-to-capitalization ratio is 66.8%, much higher than 49.3% 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.”
Several other analysts have also recently commented on the stock. Williams Capital restated a “buy” rating and set a $56.00 price target on shares of Newfield Exploration in a report on Wednesday, May 3rd. Credit Suisse Group restated an “outperform” rating and set a $47.00 price target on shares of Newfield Exploration in a report on Friday, June 2nd. Citigroup Inc. decreased their price target on shares of Newfield Exploration from $50.00 to $36.00 and set a “buy” rating for the company in a report on Friday, July 21st. J P Morgan Chase & Co restated an “overweight” rating and set a $42.00 price target (down from $48.00) on shares of Newfield Exploration in a report on Monday, June 5th. Finally, Stifel Nicolaus restated a “buy” rating and set a $48.00 price target on shares of Newfield Exploration in a report on Friday, May 26th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $43.21.
Shares of Newfield Exploration (NYSE NFX) opened at 26.60 on Thursday. Newfield Exploration has a 12-month low of $25.46 and a 12-month high of $50.00. The firm has a 50-day moving average of $27.33 and a 200-day moving average of $33.61. The firm has a market cap of $5.26 billion, a P/E ratio of 17.25 and a beta of 1.48.
Newfield Exploration (NYSE:NFX) last announced its earnings results on Tuesday, August 1st. The energy company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.44 by $0.01. The firm had revenue of $402 million during the quarter, compared to analyst estimates of $413.70 million. Newfield Exploration had a return on equity of 33.17% and a net margin of 18.82%. The business’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.32 earnings per share. On average, equities analysts forecast that Newfield Exploration will post $1.91 earnings per share for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the stock. Quadrature Capital Ltd purchased a new position in Newfield Exploration during the fourth quarter worth approximately $235,000. Macquarie Group Ltd. raised its position in Newfield Exploration by 10.9% in the fourth quarter. Macquarie Group Ltd. now owns 412,371 shares of the energy company’s stock worth $16,701,000 after buying an additional 40,500 shares in the last quarter. Chevy Chase Trust Holdings Inc. raised its position in Newfield Exploration by 4.0% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 171,450 shares of the energy company’s stock worth $6,328,000 after buying an additional 6,628 shares in the last quarter. Gulf International Bank UK Ltd raised its position in Newfield Exploration by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 60,000 shares of the energy company’s stock worth $2,214,000 after buying an additional 800 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in Newfield Exploration during the first quarter worth approximately $365,000. 99.05% of the stock is currently owned by institutional investors.
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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