KeyCorp Weighs in on Newfield Exploration Co.’s FY2016 Earnings (NFX)
Newfield Exploration Co. (NYSE:NFX) – Investment analysts at KeyCorp cut their FY2016 EPS estimates for Newfield Exploration in a report issued on Tuesday. KeyCorp analyst D. Deckelbaum now forecasts that the firm will post earnings per share of $1.19 for the year, down from their prior estimate of $1.33. KeyCorp also issued estimates for Newfield Exploration’s Q4 2016 earnings at $0.46 EPS, Q1 2017 earnings at $0.37 EPS, Q2 2017 earnings at $0.37 EPS, Q3 2017 earnings at $0.39 EPS, Q4 2017 earnings at $0.42 EPS and FY2017 earnings at $1.54 EPS.
Several other research firms have also recently weighed in on NFX. 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. 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. Zacks Investment Research upgraded Newfield Exploration from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a research note on Monday, October 17th. Vetr upgraded Newfield Exploration from a “buy” rating to a “strong-buy” rating and set a $55.00 target price on the stock in a research note on Tuesday, November 1st. Finally, Nomura restated a “buy” rating and issued a $47.00 target price on shares of Newfield Exploration in a research note on Monday, November 7th. Six investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $47.50.
Shares of Newfield Exploration (NYSE:NFX) traded up 1.47% during trading on Thursday, reaching $42.02. The company’s stock had a trading volume of 2,122,225 shares. The company’s market cap is $8.29 billion. Newfield Exploration has a 52 week low of $20.84 and a 52 week high of $47.56. The stock’s 50 day moving average price is $41.28 and its 200 day moving average price is $42.30.
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 consensus estimate of $0.27 by $0.18. Newfield Exploration had a positive return on equity of 12.41% and a negative net margin of 134.32%. The company had revenue of $392 million for the quarter, compared to the consensus estimate of $414.42 million. During the same quarter last year, the company posted $0.21 earnings per share. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year.
A number of institutional investors have recently modified their holdings of the company. Hanlon Investment Management Inc. purchased a new position in shares of Newfield Exploration during the second quarter worth about $5,202,000. Strs Ohio boosted its position 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 worth $22,883,000 after buying an additional 5,963 shares during the last quarter. Shell Asset Management Co. purchased a new position in shares of Newfield Exploration during the second quarter worth about $333,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Newfield Exploration during the second quarter worth about $26,948,000. Finally, Channing Capital Management LLC boosted its position 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 worth $17,881,000 after buying an additional 19,719 shares during the last quarter. 95.83% of the stock is owned by institutional investors and hedge funds.
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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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