Zacks Investment Research upgraded shares of Newfield Exploration (NYSE:NFX) from a hold rating to a strong-buy rating in a report issued on Monday. Zacks Investment Research currently has $40.00 target price on the energy company’s stock.
According to Zacks, “Newfield Exploration is well positioned to benefit from its holding in the Anadarko Basin. The company has substantial acres of land in the Oklahoma region, which lends it financial flexibility and a sizeable acreage position in the region. This has helped the company achieve higher-than-average level of production. We appreciate the company’s measures to reduce cost related to core operations, especially in a volatile business scenario. Through the nine-month ended Sep 30, 2017, the company’s total operating expenses plunged almost 56%. Newfield has no current debt, while long-term debt fell significantly from the high mark attained at 2014-beginning. The pricing chart for the last six months looks impressive as the stock has rallied 29.1%, outperforming the industry’s 20.7% gain.”
Several other equities research analysts have also recently issued reports on NFX. BMO Capital Markets reaffirmed a hold rating and set a $36.00 target price on shares of Newfield Exploration in a research note on Sunday, January 14th. Bank of America raised shares of Newfield Exploration from a neutral rating to a buy rating and set a $46.00 target price on the stock in a research note on Thursday, January 4th. Piper Jaffray Companies reaffirmed a buy rating and set a $48.00 target price on shares of Newfield Exploration in a research note on Tuesday, January 9th. Williams Capital set a $46.00 target price on shares of Newfield Exploration and gave the stock a buy rating in a research note on Wednesday, November 1st. Finally, KeyCorp reaffirmed a hold rating on shares of Newfield Exploration in a research note on Thursday, October 12th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of Buy and an average target price of $39.27.
Newfield Exploration (NYSE:NFX) last announced its earnings results on Tuesday, October 31st. The energy company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.09. Newfield Exploration had a net margin of 20.62% and a return on equity of 35.28%. The company had revenue of $439.00 million for the quarter, compared to analysts’ expectations of $419.75 million. During the same quarter in the previous year, the company posted $0.45 EPS. The firm’s quarterly revenue was up 12.0% on a year-over-year basis. sell-side analysts predict that Newfield Exploration will post 2.14 EPS for the current fiscal year.
In other news, Director Juanita F. Romans sold 3,500 shares of the business’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $30.02, for a total transaction of $105,070.00. Following the transaction, the director now owns 39,034 shares of the company’s stock, valued at approximately $1,171,800.68. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Lee K. Boothby sold 12,000 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $31.70, for a total transaction of $380,400.00. Following the transaction, the chief executive officer now directly owns 255,322 shares in the company, valued at approximately $8,093,707.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,500 shares of company stock worth $1,243,150. Corporate insiders own 0.54% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Newfield Exploration by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 23,677,528 shares of the energy company’s stock valued at $673,862,000 after buying an additional 760,793 shares during the period. 361 Capital LLC increased its stake in Newfield Exploration by 15.6% during the second quarter. 361 Capital LLC now owns 183,420 shares of the energy company’s stock worth $5,220,000 after purchasing an additional 24,812 shares during the period. California Public Employees Retirement System increased its stake in Newfield Exploration by 9.1% during the third quarter. California Public Employees Retirement System now owns 425,649 shares of the energy company’s stock worth $12,629,000 after purchasing an additional 35,549 shares during the period. Bessemer Group Inc. increased its stake in Newfield Exploration by 43.3% during the third quarter. Bessemer Group Inc. now owns 53,172 shares of the energy company’s stock worth $1,578,000 after purchasing an additional 16,059 shares during the period. Finally, Canada Pension Plan Investment Board increased its stake in Newfield Exploration by 73.8% during the third quarter. Canada Pension Plan Investment Board now owns 86,400 shares of the energy company’s stock worth $2,563,000 after purchasing an additional 36,700 shares during the period. 99.67% of the stock is currently owned by hedge funds and other institutional investors.
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Newfield Exploration Company Profile
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.
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