Newfield Exploration Company (NYSE:NFX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday, October 27th.
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 gives it the financial flexibility and a sizeable acreage position in the region. This has helped the company to produce at higher-than-average levels. 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 much higher than the broader industry. On top of that, Newfield is mainly focused on the U.S. shale plays, with little exposure to China. Hence, less exposure to more profitable international oil resources is a drag. The company’s price chart has also underperformed the broader indices over the last six months.”
Several other research analysts have also recently weighed in on NFX. Jefferies Group LLC reiterated a “buy” rating and set a $46.00 price target on shares of Newfield Exploration in a research note on Thursday, July 6th. Scotiabank reiterated a “buy” rating and issued a $39.00 price target on shares of Newfield Exploration in a research note on Friday, June 30th. Williams Capital set a $45.00 price target on shares of Newfield Exploration and gave the stock a “buy” rating in a research note on Wednesday, August 2nd. Citigroup Inc. cut their price objective on shares of Newfield Exploration from $50.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, July 21st. Finally, Royal Bank Of Canada reissued a “buy” rating and set a $42.00 price objective on shares of Newfield Exploration in a report on Thursday, July 20th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have assigned a buy rating to the company. Newfield Exploration presently has an average rating of “Buy” and a consensus target price of $38.87.
Shares of Newfield Exploration (NYSE NFX) traded down $1.22 during mid-day trading on Friday, reaching $32.09. 3,122,100 shares of the company traded hands, compared to its average volume of 2,994,308. Newfield Exploration has a 12-month low of $24.41 and a 12-month high of $50.00. The company has a quick ratio of 1.15, a current ratio of 1.17 and a debt-to-equity ratio of 1.87. The firm has a market cap of $6,030.00, a P/E ratio of 16.57, a price-to-earnings-growth ratio of 1.40 and a beta of 1.47.
Newfield Exploration (NYSE:NFX) last posted its earnings results on Tuesday, October 31st. The energy company reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $439.00 million during the quarter, compared to the consensus estimate of $419.75 million. During the same quarter in the prior year, the company earned $0.45 EPS. The company’s revenue was up 12.0% on a year-over-year basis. sell-side analysts predict that Newfield Exploration will post 2.06 EPS for the current year.
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In other Newfield Exploration news, insider Lee K. Boothby sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $29.10, for a total value of $349,200.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Juanita F. Romans sold 3,500 shares of the company’s stock in a transaction that occurred on Friday, November 3rd. The shares were sold at an average price of $30.02, for a total value of $105,070.00. Following the completion of the sale, the director now owns 39,034 shares in the company, valued at approximately $1,171,800.68. The disclosure for this sale can be found here. Insiders have sold 39,500 shares of company stock valued at $1,148,830 over the last ninety days. 0.54% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. CIBC Asset Management Inc grew its holdings in shares of Newfield Exploration by 0.4% during the second quarter. CIBC Asset Management Inc now owns 17,727 shares of the energy company’s stock valued at $505,000 after buying an additional 70 shares during the last quarter. Utah Retirement Systems boosted its holdings in Newfield Exploration by 0.3% in the 2nd quarter. Utah Retirement Systems now owns 36,416 shares of the energy company’s stock worth $1,037,000 after acquiring an additional 100 shares during the period. Louisiana State Employees Retirement System boosted its holdings in Newfield Exploration by 1.6% in the 2nd quarter. Louisiana State Employees Retirement System now owns 12,400 shares of the energy company’s stock worth $353,000 after acquiring an additional 200 shares during the period. State Treasurer State of Michigan boosted its holdings in Newfield Exploration by 0.3% in the 2nd quarter. State Treasurer State of Michigan now owns 65,512 shares of the energy company’s stock worth $1,864,000 after acquiring an additional 200 shares during the period. Finally, Arizona State Retirement System boosted its holdings in Newfield Exploration by 0.4% in the 2nd quarter. Arizona State Retirement System now owns 49,400 shares of the energy company’s stock worth $1,406,000 after acquiring an additional 200 shares during the period. Institutional investors own 98.76% of the company’s stock.
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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