Zacks Investment Research cut shares of Newfield Exploration Company (NYSE:NFX) from a hold rating to a sell rating in a research report released on Tuesday, July 25th.
According to Zacks, “Concerned by the current demand/supply imbalance, we are downgrading our recommendation on Newfield Exploration to Underperform from Neutral. The company’s Rockies- and Gulf Coast-centered asset portfolio and its lack of meaningful exposure to the emerging shale plays are competitive disadvantages. Furthermore, because of gas price volatility, costs, geo-political risks and project timing delays; we see no positive catalyst for Newfield shares. Increased debt pressure in the highly competitive shale plays along with declining revenues is also a cause for concern. Therefore, we expect Newfield Exploration to perform below its peers and industry levels in the coming months. We believe there are other companies in the natural gas E&P group that offer better exposure to the sector.”
A number of other research analysts have also recently commented on NFX. Scotiabank set a $46.00 target price on shares of Newfield Exploration and gave the stock a buy rating in a research report on Monday, March 27th. Stifel Nicolaus reissued a buy rating and set a $48.00 target price on shares of Newfield Exploration in a research report on Wednesday, April 12th. Barclays PLC reissued an equal weight rating and set a $33.00 target price (down from $39.00) on shares of Newfield Exploration in a research report on Saturday, April 22nd. Royal Bank Of Canada reissued a buy rating and set a $54.00 target price on shares of Newfield Exploration in a research report on Tuesday, April 25th. Finally, Williams Capital restated a buy rating and issued a $56.00 price target on shares of Newfield Exploration in a research note on Wednesday, May 3rd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. Newfield Exploration presently has an average rating of Buy and an average price target of $42.75.
Shares of Newfield Exploration (NYSE NFX) traded up 1.36% during midday trading on Tuesday, hitting $25.31. 2,837,719 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $26.89 and its 200-day moving average is $32.87. Newfield Exploration has a 1-year low of $24.91 and a 1-year high of $50.00. The stock has a market cap of $5.00 billion, a PE ratio of 16.41 and a beta of 1.48.
Newfield Exploration (NYSE:NFX) last posted its earnings results on Tuesday, August 1st. The energy company reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by $0.01. Newfield Exploration had a return on equity of 33.17% and a net margin of 18.82%. The firm had revenue of $402 million for the quarter, compared to analyst estimates of $413.70 million. During the same period in the previous year, the firm posted $0.32 earnings per share. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. Analysts predict that Newfield Exploration will post $1.92 earnings per share for the current fiscal year.
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In other news, Director Roger B. Plank purchased 3,000 shares of the stock in a transaction dated Friday, August 11th. The stock was acquired at an average price of $25.98 per share, for a total transaction of $77,940.00. Following the completion of the transaction, the director now owns 30,787 shares of the company’s stock, valued at $799,846.26. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 0.54% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the company. Cubic Asset Management LLC increased its stake in Newfield Exploration by 0.6% in the first quarter. Cubic Asset Management LLC now owns 8,880 shares of the energy company’s stock valued at $328,000 after buying an additional 50 shares during the last quarter. CIBC Asset Management Inc increased its stake in Newfield Exploration by 0.4% in 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 increased its stake in Newfield Exploration by 0.3% in the second quarter. Utah Retirement Systems now owns 36,416 shares of the energy company’s stock valued at $1,037,000 after buying an additional 100 shares during the last quarter. Pacer Advisors Inc. increased its stake in Newfield Exploration by 3.3% in the first quarter. Pacer Advisors Inc. now owns 3,740 shares of the energy company’s stock valued at $138,000 after buying an additional 121 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in Newfield Exploration by 1.6% in the second quarter. Louisiana State Employees Retirement System now owns 12,400 shares of the energy company’s stock valued at $353,000 after buying an additional 200 shares during the last quarter. 98.33% of the stock is owned by institutional investors and hedge funds.
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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