Newfield Exploration Co. (NFX) Lowered to “Hold” at Evercore ISI
Evercore ISI lowered shares of Newfield Exploration Co. (NYSE:NFX) from a buy rating to a hold rating in a research note issued to investors on Friday morning. The firm currently has $52.00 price objective on the energy company’s stock.
NFX has been the topic of a number of other research reports. Cantor Fitzgerald restated a buy rating and set a $44.00 price target on shares of Newfield Exploration in a report on Wednesday, June 22nd. Wunderlich raised their price target on shares of Newfield Exploration from $59.00 to $65.00 and gave the company a buy rating in a report on Thursday, August 4th. KLR Group downgraded shares of Newfield Exploration from an accumulate rating to a hold rating and cut their price target for the company from $48.00 to $47.00 in a report on Friday, August 5th. Zacks Investment Research downgraded shares of Newfield Exploration from a buy rating to a hold rating in a report on Wednesday, August 17th. Finally, Piper Jaffray Cos. raised their price target on shares of Newfield Exploration from $50.00 to $54.00 and gave the company an overweight rating in a report on Wednesday, July 6th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $46.86.
Shares of Newfield Exploration (NYSE:NFX) traded up 1.20% during midday trading on Friday, hitting $43.08. 620,493 shares of the stock were exchanged. Newfield Exploration has a 12-month low of $20.84 and a 12-month high of $47.56. The stock’s 50 day moving average is $43.04 and its 200 day moving average is $41.13. The firm’s market cap is $8.48 billion.
Newfield Exploration (NYSE:NFX) last released its quarterly earnings results on Tuesday, August 2nd. The energy company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.24. The business had revenue of $381 million for the quarter, compared to the consensus estimate of $379.74 million. Newfield Exploration had a negative net margin of 226.57% and a positive return on equity of 9.07%. Newfield Exploration’s revenue for the quarter was down 18.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.46 EPS. On average, equities research analysts forecast that Newfield Exploration will post $0.76 earnings per share for the current fiscal year.
In other Newfield Exploration news, Director Pamela J. Gardner sold 10,685 shares of the stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $46.22, for a total transaction of $493,860.70. Following the sale, the director now directly owns 43,749 shares in the company, valued at $2,022,078.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Juanita F. Romans sold 2,015 shares of the stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $46.04, for a total transaction of $92,770.60. Following the sale, the director now owns 36,810 shares in the company, valued at $1,694,732.40. The disclosure for this sale can be found here. 0.44% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in the company. PineBridge Investments L.P. increased its stake in shares of Newfield Exploration by 312.2% in the second quarter. PineBridge Investments L.P. now owns 2,333 shares of the energy company’s stock worth $103,000 after buying an additional 1,767 shares during the last quarter. Advisor Group Inc. purchased a new stake in shares of Newfield Exploration during the second quarter worth about $110,000. Mizuho Asset Management Co. Ltd. purchased a new stake in shares of Newfield Exploration during the second quarter worth about $119,000. Pinkerton Retirement Specialists LLC purchased a new stake in shares of Newfield Exploration during the second quarter worth about $171,000. Finally, Mn Services Vermogensbeheer B.V. purchased a new stake in shares of Newfield Exploration during the second quarter worth about $199,000. Hedge funds and other institutional investors own 99.63% of the company’s stock.
About Newfield Exploration
Newfield Exploration Company is an independent energy company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids (NGLs). The Company’s operations are focused primarily on large scale, onshore liquids-rich resource plays in the United States. Its segments are the United States and China.
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