Zacks Investment Research Upgrades Newfield Exploration Co. (NFX) to Buy
Newfield Exploration Co. (NYSE:NFX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm currently has a $48.00 price target on the energy company’s stock. Zacks Investment Research’s price target indicates a potential upside of 12.86% from the company’s previous close.
According to Zacks, “Newfield Exploration is well positioned to benefit from its holding in the Anadarko Basin. The company increased its full-year 2016 net production guidance in the range of 58.0 – 59.5 MMBOE compared to its earlier range of 56.0 – 58.0 MMBOE. Newfield has also hiked its capital spending for 2016 to $700-$750 million from $625-$675 million due to increase in activity levels. The company expects production from Anadarko to increase more than 20% year over year, while yield from the STACK acreage is expected at 1.1 MMBOE, up from 950 MBOE earlier. We believe that Newfield Exploration’s exposure to emerging resource plays, along with its shift from natural gas to liquids, will help it to grow in the exploration and production (E&P) space.”
Several other brokerages have also recently weighed in on NFX. Barclays PLC increased their target price on Newfield Exploration from $28.00 to $35.00 and gave the company an “overweight” rating in a report on Friday, June 24th. Simmons increased their target price on Newfield Exploration from $50.00 to $54.00 and gave the company an “outperform” rating in a report on Wednesday, July 6th. Howard Weil increased their target price on Newfield Exploration from $47.00 to $51.00 and gave the company a “sector outperform” rating in a report on Thursday, June 23rd. Scotiabank reaffirmed a “sector outperform” rating and set a $51.00 price target (up previously from $47.00) on shares of Newfield Exploration in a research report on Saturday, June 25th. Finally, Canaccord Genuity initiated coverage on Newfield Exploration in a research report on Wednesday, June 29th. They set a “buy” rating and a $48.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $46.82.
Newfield Exploration (NYSE:NFX) opened at 42.53 on Monday. Newfield Exploration has a 12 month low of $20.84 and a 12 month high of $47.56. The company’s 50 day moving average price is $42.99 and its 200 day moving average price is $41.33. The stock’s market cap is $8.37 billion.
Newfield Exploration (NYSE:NFX) last issued its earnings results on Tuesday, August 2nd. The energy company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.24. The company earned $381 million during the quarter, compared to analysts’ expectations of $379.74 million. Newfield Exploration had a positive return on equity of 9.07% and a negative net margin of 226.57%. Newfield Exploration’s quarterly revenue was down 18.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.46 EPS. Equities analysts forecast that Newfield Exploration will post $0.76 EPS for the current fiscal year.
In other news, Director Juanita F. Romans sold 2,015 shares of the company’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $46.04, for a total value of $92,770.60. Following the completion of the transaction, the director now directly owns 36,810 shares in the company, valued at $1,694,732.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Pamela J. Gardner sold 10,685 shares of the company’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $46.22, for a total transaction of $493,860.70. Following the completion of the transaction, the director now owns 43,749 shares of the company’s stock, valued at $2,022,078.78. The disclosure for this sale can be found here. Company insiders own 0.44% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in NFX. PineBridge Investments L.P. increased its position 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 valued at $103,000 after buying an additional 1,767 shares during the period. Advisor Group Inc. purchased a new position in shares of Newfield Exploration during the second quarter valued at $110,000. Mizuho Asset Management Co. Ltd. purchased a new position in shares of Newfield Exploration during the second quarter valued at $119,000. Pinkerton Retirement Specialists LLC purchased a new position in shares of Newfield Exploration during the second quarter valued at $171,000. Finally, Cleararc Capital Inc. purchased a new position in shares of Newfield Exploration during the second quarter valued at $211,000. Institutional investors and hedge funds own 99.63% of the company’s stock.
Newfield Exploration Company Profile
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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