Newfield Exploration Company (NYSE:NFX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Newfield has a huge inventory of drilling wells in the prospective crude oil and condensate shale plays of Anadarko and Arkoma basins of Oklahoma. In these resources, the company has been investing significantly that will likely contribute to production growth. We appreciate the company’s measures to reduce cost related to core operations, especially in an unfavorable business scenario. Since the beginning of this year, Newfield has managed to lower its operating cost by more than 65%. However, the company has significant exposure to debt as its debt-to-capitalization ratio is 66.8%, much higher than 49.3% of the broader industry. On top of that, Newfield is primarily focused on the U.S. shale plays, with little exposure to China. Hence, less exposure to more profitable international oil resources is a drag.”
Other research analysts have also recently issued research reports about the company. Jefferies Group LLC reaffirmed a “buy” rating and set a $46.00 target price on shares of Newfield Exploration in a research report on Wednesday, May 17th. Barclays PLC reaffirmed an “equal weight” rating and set a $22.00 target price (down previously from $23.00) on shares of Newfield Exploration in a research report on Wednesday. Williams Capital set a $45.00 target price on Newfield Exploration and gave the company a “buy” rating in a research report on Wednesday, August 2nd. Cowen and Company set a $35.00 target price on Newfield Exploration and gave the company a “buy” rating in a research report on Tuesday, July 18th. Finally, BMO Capital Markets set a $40.00 target price on Newfield Exploration and gave the company a “buy” rating in a research report on Tuesday, May 2nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company. Newfield Exploration presently has a consensus rating of “Buy” and an average target price of $43.21.
Shares of Newfield Exploration (NFX) opened at 26.60 on Thursday. The company has a market capitalization of $5.26 billion, a PE ratio of 17.25 and a beta of 1.48. Newfield Exploration has a 52 week low of $25.46 and a 52 week high of $50.00. The stock has a 50 day moving average price of $27.33 and a 200-day moving average price of $33.61.
Newfield Exploration (NYSE:NFX) last released its quarterly earnings data on Tuesday, August 1st. The energy company reported $0.43 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by $0.01. The firm had revenue of $402 million for the quarter, compared to the consensus estimate of $413.70 million. Newfield Exploration had a net margin of 18.82% and a return on equity of 33.17%. The company’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.32 EPS. Equities research analysts expect that Newfield Exploration will post $1.91 EPS for the current year.
TRADEMARK VIOLATION WARNING: “Newfield Exploration Company (NYSE:NFX) Rating Increased to Hold at Zacks Investment Research” was posted by Ticker Report and is the property of of Ticker Report. If you are reading this story on another domain, it was illegally stolen and republished in violation of US & international copyright & trademark laws. The legal version of this story can be read at https://www.tickerreport.com/banking-finance/2796861/newfield-exploration-company-nysenfx-rating-increased-to-hold-at-zacks-investment-research.html.
Several hedge funds have recently modified their holdings of the stock. Quadrature Capital Ltd purchased a new stake in shares of Newfield Exploration during the fourth quarter valued at about $235,000. Macquarie Group Ltd. raised its stake in shares of Newfield Exploration by 10.9% in the fourth quarter. Macquarie Group Ltd. now owns 412,371 shares of the energy company’s stock valued at $16,701,000 after buying an additional 40,500 shares during the last quarter. Chevy Chase Trust Holdings Inc. raised its stake in shares of Newfield Exploration by 4.0% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 171,450 shares of the energy company’s stock valued at $6,328,000 after buying an additional 6,628 shares during the last quarter. Gulf International Bank UK Ltd raised its stake in shares of Newfield Exploration by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 60,000 shares of the energy company’s stock valued at $2,214,000 after buying an additional 800 shares during the last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Newfield Exploration during the first quarter valued at about $365,000. Hedge funds and other institutional investors own 99.05% 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 Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Newfield Exploration Company and related companies with MarketBeat.com's FREE daily email newsletter.