An issue of Newfield Exploration Co. (NYSE:NFX) bonds rose 1.1% against their face value during trading on Monday. The debt issue has a 5.625% coupon and will mature on July 1, 2024. The debt is now trading at $105.75 and was trading at $105.00 one week ago. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its stock price.
Several equities analysts have weighed in on the company. Cantor Fitzgerald restated a “buy” rating and set a $44.00 price target on shares of Newfield Exploration in a report on Wednesday, June 22nd. Wunderlich raised their price target on Newfield Exploration from $59.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 4th. KLR Group cut Newfield Exploration from an “accumulate” rating to a “hold” rating and cut their price target for the company from $48.00 to $47.00 in a report on Friday, August 5th. Zacks Investment Research cut Newfield Exploration from a “buy” rating to a “hold” rating in a report on Wednesday, August 17th. Finally, Piper Jaffray Cos. raised their price target on Newfield Exploration from $50.00 to $54.00 and gave the company an “overweight” rating in a report on Wednesday, July 6th. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $46.82.
Shares of Newfield Exploration Co. (NYSE:NFX) opened at 42.86 on Tuesday. The stock’s market cap is $8.43 billion. Newfield Exploration Co. has a 1-year low of $20.84 and a 1-year high of $47.56. The firm’s 50-day moving average price is $43.01 and its 200 day moving average price is $41.32.
Newfield Exploration (NYSE:NFX) last released its quarterly earnings results on Tuesday, August 2nd. The energy company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.08 by $0.24. Newfield Exploration had a positive return on equity of 9.07% and a negative net margin of 226.57%. The business earned $381 million during the quarter, compared to analyst estimates of $379.74 million. During the same period last year, the business posted $0.46 earnings per share. The company’s quarterly revenue was down 18.8% on a year-over-year basis. On average, equities analysts expect that Newfield Exploration Co. will post $0.76 earnings per share for the current fiscal year.
In related news, Director Pamela J. Gardner sold 10,685 shares of Newfield Exploration stock in a transaction 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 transaction, the director now directly owns 43,749 shares in the company, valued at $2,022,078.78. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Juanita F. Romans sold 2,015 shares of Newfield Exploration 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 owns 36,810 shares of the company’s stock, valued at $1,694,732.40. The disclosure for this sale can be found here. Insiders own 0.44% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NFX. Wellington Management Group LLP raised its position in Newfield Exploration by 49.9% in the first quarter. Wellington Management Group LLP now owns 19,040,494 shares of the energy company’s stock worth $633,096,000 after buying an additional 6,337,413 shares during the period. Boston Partners bought a new position in Newfield Exploration during the second quarter worth about $251,784,000. Vanguard Group Inc. raised its position in Newfield Exploration by 12.5% in the second quarter. Vanguard Group Inc. now owns 19,099,273 shares of the energy company’s stock worth $843,806,000 after buying an additional 2,128,367 shares during the period. Conatus Capital Management LP bought a new position in Newfield Exploration during the second quarter worth about $89,617,000. Finally, State Street Corp raised its position in Newfield Exploration by 17.8% in the first quarter. State Street Corp now owns 8,499,208 shares of the energy company’s stock worth $282,604,000 after buying an additional 1,283,495 shares during the period. Hedge funds and other institutional investors own 99.63% of the company’s stock.
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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