Newfield Exploration (NFX) Lifted to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Newfield Exploration (NYSE:NFX) from a hold rating to a strong-buy rating in a research note issued to investors on Monday. Zacks Investment Research currently has $40.00 price target 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.”

NFX has been the subject of a number of other reports. Piper Jaffray Companies lowered their target price on shares of Newfield Exploration from $53.00 to $41.00 and set an overweight rating for the company in a research note on Monday, September 18th. Credit Suisse Group began coverage on shares of Newfield Exploration in a research note on Monday, December 11th. They issued a neutral rating and a $30.00 target price for the company. BMO Capital Markets set a $34.00 target price on shares of Newfield Exploration and gave the stock a buy rating in a research note on Tuesday, October 10th. Wolfe Research lowered shares of Newfield Exploration from an outperform rating to a market perform rating in a research report on Tuesday, December 5th. Finally, KeyCorp reissued a hold rating on shares of Newfield Exploration in a research report on Monday, November 13th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $39.27.

Newfield Exploration (NYSE:NFX) traded down $0.59 during mid-day trading on Monday, reaching $33.74. 2,243,500 shares of the company were exchanged, compared to its average volume of 2,581,142. The firm has a market cap of $6,740.00, a PE ratio of 19.50, a PEG ratio of 0.73 and a beta of 1.45. The company has a quick ratio of 1.15, a current ratio of 1.17 and a debt-to-equity ratio of 1.87. Newfield Exploration has a one year low of $24.41 and a one year high of $43.74.

Newfield Exploration (NYSE:NFX) last released its earnings results on Tuesday, October 31st. The energy company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.09. The company had revenue of $439.00 million during the quarter, compared to analysts’ expectations of $419.75 million. Newfield Exploration had a net margin of 20.62% and a return on equity of 35.28%. Newfield Exploration’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same period last year, the business earned $0.45 EPS. sell-side analysts anticipate that Newfield Exploration will post 2.14 earnings per share for the current year.

In other news, CEO Lee K. Boothby sold 12,000 shares of Newfield Exploration stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $31.84, for a total transaction of $382,080.00. Following the completion of the transaction, the chief executive officer now directly owns 223,235 shares of the company’s stock, valued at approximately $7,107,802.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Juanita F. Romans sold 3,500 shares of Newfield Exploration stock in a transaction that occurred on 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 directly owns 39,034 shares of the company’s stock, valued at $1,171,800.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 39,500 shares of company stock valued at $1,243,150. Insiders own 0.54% of the company’s stock.

Large investors have recently bought and sold shares of the company. Pacer Advisors Inc. increased its holdings in shares of Newfield Exploration by 8.5% during the 2nd quarter. Pacer Advisors Inc. now owns 4,059 shares of the energy company’s stock valued at $116,000 after purchasing an additional 319 shares in the last quarter. Riverhead Capital Management LLC increased its holdings in shares of Newfield Exploration by 17.1% during the 2nd quarter. Riverhead Capital Management LLC now owns 6,922 shares of the energy company’s stock valued at $197,000 after purchasing an additional 1,013 shares in the last quarter. Vident Investment Advisory LLC purchased a new position in shares of Newfield Exploration during the 3rd quarter valued at approximately $212,000. Thrivent Financial For Lutherans increased its holdings in shares of Newfield Exploration by 3.2% during the 2nd quarter. Thrivent Financial For Lutherans now owns 7,530 shares of the energy company’s stock valued at $214,000 after purchasing an additional 230 shares in the last quarter. Finally, Neuberger Berman Group LLC increased its holdings in shares of Newfield Exploration by 43.0% during the 2nd quarter. Neuberger Berman Group LLC now owns 8,243 shares of the energy company’s stock valued at $235,000 after purchasing an additional 2,480 shares in the last quarter. 99.67% of the stock is owned by hedge funds and other institutional investors.

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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.

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