Zacks Investment Research cut shares of Newfield Exploration Company (NYSE:NFX) from a buy rating to a hold rating in a report issued on Thursday.
According to Zacks, “Newfield Exploration has substantial acres of land in the Oklahoma region. This has helped the company to produce at higher-than-average levels. The company is also planning to add more rigs in the Anadarko Basin by the end of this year. That will drive its production in the coming days. Along with these developments, the business scenario is improving after OPEC and non-OPEC producers joined hands for output cut. With the oil producer’s announcement crude has started recovering. The company also projects 2016 production to be more than the 2015 level. Hence, the company will be able to sell the additional output at much higher prices. However, Newfield failed to outperform the Zacks categorized Oil & Gas-U.S Exploration & Production industry over a period of last three months.”
Other equities analysts have also issued reports about the stock. Barclays PLC reduced their price target on shares of Newfield Exploration Company to $39.00 in a research report on Thursday. Societe Generale upgraded shares of Newfield Exploration Company from a hold rating to a buy rating in a research report on Thursday, November 10th. BMO Capital Markets reiterated a buy rating and set a $50.00 target price on shares of Newfield Exploration Company in a research report on Wednesday, January 11th. Jefferies Group LLC upgraded shares of Newfield Exploration Company from a hold rating to a buy rating and set a $53.00 target price on the stock in a research report on Tuesday, January 17th. Finally, RBC Capital Markets reiterated a buy rating and set a $56.00 target price on shares of Newfield Exploration Company in a research report on Tuesday, January 3rd. Seven research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $48.93.
Newfield Exploration Company (NYSE:NFX) traded down 0.95% on Thursday, reaching $41.76. 711,556 shares of the company’s stock traded hands. Newfield Exploration Company has a 52-week low of $20.84 and a 52-week high of $50.00. The firm’s market capitalization is $8.24 billion. The firm’s 50 day moving average price is $43.19 and its 200 day moving average price is $43.10.
Newfield Exploration Company (NYSE:NFX) last released its quarterly earnings results on Tuesday, November 1st. The energy company reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.18. The firm had revenue of $392 million for the quarter, compared to analyst estimates of $414.42 million. Newfield Exploration Company had a negative net margin of 134.32% and a positive return on equity of 12.41%. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.21 earnings per share. On average, analysts predict that Newfield Exploration Company will post $1.06 EPS for the current fiscal year.
In other Newfield Exploration Company news, insider Lee K. Boothby sold 30,000 shares of the stock in a transaction on Wednesday, December 28th. The shares were sold at an average price of $41.72, for a total value of $1,251,600.00. Following the completion of the sale, the insider now owns 260,162 shares in the company, valued at $10,853,958.64. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.44% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Hanlon Investment Management Inc. purchased a new stake in shares of Newfield Exploration Company during the second quarter worth approximately $5,202,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of Newfield Exploration Company during the second quarter worth approximately $26,948,000. Arizona State Retirement System boosted its stake in shares of Newfield Exploration Company by 1.2% in the third quarter. Arizona State Retirement System now owns 48,900 shares of the energy company’s stock worth $2,125,000 after buying an additional 600 shares in the last quarter. Shell Asset Management Co. purchased a new stake in shares of Newfield Exploration Company during the second quarter worth approximately $333,000. Finally, Channing Capital Management LLC boosted its stake in shares of Newfield Exploration Company 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 in the last quarter. Hedge funds and other institutional investors own 97.00% of the company’s stock.
About Newfield Exploration Company
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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