Newfield Exploration Co. (NFX) Bonds Rise 1% During Trading
An issue of Newfield Exploration Co. (NYSE:NFX) bonds rose 1% as a percentage of their face value during trading on Wednesday. The high-yield issue of debt has a 5.625% coupon and is set to mature on July 1, 2024. The bonds in the issue are now trading at $102.50 and were trading at $104.13 one week ago. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its stock price.
Several analysts recently weighed in on NFX shares. Johnson Rice started coverage on Newfield Exploration in a report on Thursday, July 28th. They set a “buy” rating for the company. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Newfield Exploration in a report on Wednesday, August 3rd. Wunderlich lifted their price objective on Newfield Exploration from $59.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 4th. Stifel Nicolaus lifted their price objective on Newfield Exploration from $48.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, August 4th. Finally, Barclays PLC cut Newfield Exploration from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $35.00 to $44.00 in a report on Friday, August 5th. Seven investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $47.28.
Newfield Exploration (NYSE:NFX) last announced its quarterly earnings results on Tuesday, November 1st. The energy company reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.18. The business earned $392 million during the quarter, compared to analysts’ expectations of $414.42 million. Newfield Exploration had a positive return on equity of 12.41% and a negative net margin of 134.32%. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.21 EPS.
In related news, Director Pamela J. Gardner sold 10,685 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $46.22, for a total value of $493,860.70. Following the completion of the sale, the director now owns 43,749 shares of the company’s stock, valued at approximately $2,022,078.78. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.44% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Hanlon Investment Management Inc. purchased a new stake in shares of Newfield Exploration during the second quarter valued at approximately $5,202,000. Strs Ohio boosted its stake in shares of Newfield Exploration by 1.2% in the second quarter. Strs Ohio now owns 517,963 shares of the energy company’s stock valued at $22,883,000 after buying an additional 5,963 shares during the last quarter. Shell Asset Management Co. purchased a new stake in shares of Newfield Exploration during the second quarter valued at approximately $333,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of Newfield Exploration during the second quarter valued at approximately $26,948,000. Finally, Channing Capital Management LLC boosted its stake in shares of Newfield Exploration by 5.1% in the second quarter. Channing Capital Management LLC now owns 404,722 shares of the energy company’s stock valued at $17,881,000 after buying an additional 19,719 shares during the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.
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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