Shares of Newfield Exploration Company (NYSE:NFX) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at ($31.63), but opened at $0.00. Newfield Exploration shares last traded at $0.00, with a volume of 5941482 shares changing hands.
The energy company reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.09. Newfield Exploration had a net margin of 20.62% and a return on equity of 37.07%. The business had revenue of $439.00 million for the quarter, compared to analyst estimates of $419.75 million. During the same quarter in the previous year, the firm posted $0.45 earnings per share. Newfield Exploration’s revenue was up 12.0% compared to the same quarter last year.
A number of research firms have weighed in on NFX. BidaskClub upgraded shares of Newfield Exploration from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. Scotiabank reiterated a “buy” rating and set a $38.00 price target on shares of Newfield Exploration in a research note on Wednesday. Williams Capital set a $46.00 price target on shares of Newfield Exploration and gave the stock a “buy” rating in a research note on Wednesday. SunTrust Banks, Inc. set a $37.00 price target on shares of Newfield Exploration and gave the stock a “buy” rating in a research note on Tuesday. Finally, Barclays PLC reiterated an “equal weight” rating and set a $22.00 price target (down previously from $23.00) on shares of Newfield Exploration in a research note on Wednesday, August 9th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nineteen have issued a buy rating to the company. Newfield Exploration presently has a consensus rating of “Buy” and an average price target of $39.26.
In related news, Director Roger B. Plank purchased 3,000 shares of Newfield Exploration stock in a transaction that occurred on Friday, August 11th. The shares were acquired at an average price of $25.98 per share, for a total transaction of $77,940.00. Following the transaction, the director now directly owns 30,787 shares in the company, valued at $799,846.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Lee K. Boothby sold 12,000 shares of the company’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $26.18, for a total transaction of $314,160.00. Following the transaction, the insider now owns 279,322 shares in the company, valued at approximately $7,312,649.96. The disclosure for this sale can be found here. 0.54% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. lifted its position in Newfield Exploration by 8.5% during the 2nd quarter. Pacer Advisors Inc. now owns 4,059 shares of the energy company’s stock worth $116,000 after buying an additional 319 shares in the last quarter. Dupont Capital Management Corp bought a new stake in Newfield Exploration during the 2nd quarter worth about $131,000. Riverhead Capital Management LLC raised its holdings in Newfield Exploration by 17.1% during the 2nd quarter. Riverhead Capital Management LLC now owns 6,922 shares of the energy company’s stock worth $197,000 after purchasing an additional 1,013 shares during the last quarter. Thrivent Financial For Lutherans raised its holdings in Newfield Exploration by 5.5% during the 1st quarter. Thrivent Financial For Lutherans now owns 7,300 shares of the energy company’s stock worth $269,000 after purchasing an additional 380 shares during the last quarter. Finally, Neuberger Berman Group LLC raised its holdings in Newfield Exploration by 43.0% during the 2nd quarter. Neuberger Berman Group LLC now owns 8,243 shares of the energy company’s stock worth $235,000 after purchasing an additional 2,480 shares during the last quarter. Institutional investors and hedge funds own 99.15% of the company’s stock.
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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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