$501.47 Million in Sales Expected for Newfield Exploration Co. (NFX) This Quarter
Wall Street brokerages predict that Newfield Exploration Co. (NYSE:NFX) will report $501.47 million in sales for the current quarter, according to Zacks Investment Research. Nine analysts have issued estimates for Newfield Exploration’s earnings, with estimates ranging from $472.00 million to $555.20 million. Newfield Exploration reported sales of $415.00 million during the same quarter last year, which would suggest a positive year over year growth rate of 20.8%. The firm is expected to report its next quarterly earnings results after the market closes on Tuesday, February 20th.
According to Zacks, analysts expect that Newfield Exploration will report full year sales of $501.47 million for the current fiscal year, with estimates ranging from $1.73 billion to $1.82 billion. For the next year, analysts expect that the company will post sales of $2.32 billion per share, with estimates ranging from $2.02 billion to $2.61 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Newfield Exploration.
NFX has been the subject of a number of recent analyst reports. Scotiabank set a $39.00 target price on Newfield Exploration and gave the company a “buy” rating in a report on Saturday, November 25th. Zacks Investment Research raised Newfield Exploration from a “hold” rating to a “strong-buy” rating and set a $40.00 target price for the company in a report on Monday, January 15th. Piper Jaffray Companies reissued a “buy” rating and issued a $48.00 target price on shares of Newfield Exploration in a report on Tuesday, January 9th. KLR Group downgraded Newfield Exploration from a “buy” rating to a “hold” rating and set a $36.00 target price for the company. in a report on Tuesday, January 23rd. Finally, Williams Capital set a $46.00 target price on Newfield Exploration and gave the company a “buy” rating in a report on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $39.00.
In other news, insider Lee K. Boothby sold 12,000 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $31.30, for a total value of $375,600.00. Following the completion of the transaction, the insider now owns 243,322 shares in the company, valued at $7,615,978.60. The sale was disclosed in a document filed with the SEC, which is available at this link. In the last 90 days, insiders sold 36,000 shares of company stock valued at $1,138,680. Company insiders own 0.54% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Neuberger Berman Group LLC increased its position in shares of Newfield Exploration by 52.7% in the third quarter. Neuberger Berman Group LLC now owns 12,588 shares of the energy company’s stock valued at $373,000 after buying an additional 4,345 shares in the last quarter. Creative Planning purchased a new position in shares of Newfield Exploration in the fourth quarter valued at $1,394,000. California Public Employees Retirement System increased its position in shares of Newfield Exploration by 9.1% in the third quarter. California Public Employees Retirement System now owns 425,649 shares of the energy company’s stock valued at $12,629,000 after buying an additional 35,549 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Newfield Exploration by 18.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 26,848 shares of the energy company’s stock valued at $797,000 after buying an additional 4,188 shares in the last quarter. Finally, Bessemer Group Inc. increased its position in shares of Newfield Exploration by 43.3% in the third quarter. Bessemer Group Inc. now owns 53,172 shares of the energy company’s stock valued at $1,578,000 after buying an additional 16,059 shares in the last quarter. Institutional investors and hedge funds own 99.52% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Newfield Exploration Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Newfield Exploration and related companies with MarketBeat.com's FREE daily email newsletter.