Newfield Exploration (NFX) Rating Lowered to Sector Perform at Royal Bank of Canada

Newfield Exploration (NYSE:NFX) was downgraded by stock analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research note issued on Friday, The Fly reports.

A number of other research firms also recently issued reports on NFX. BMO Capital Markets restated a “hold” rating and set a $33.00 target price on shares of Newfield Exploration in a research report on Thursday, July 12th. Morgan Stanley assumed coverage on shares of Newfield Exploration in a research report on Thursday, July 12th. They set an “equal weight” rating and a $32.00 target price for the company. Piper Jaffray Companies started coverage on shares of Newfield Exploration in a research report on Friday, September 28th. They set an “overweight” rating for the company. Zacks Investment Research upgraded shares of Newfield Exploration from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research report on Monday, July 16th. Finally, ValuEngine downgraded shares of Newfield Exploration from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 2nd. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and eleven have given a buy rating to the stock. Newfield Exploration presently has an average rating of “Hold” and a consensus target price of $36.40.

NYSE NFX opened at $23.46 on Friday. The firm has a market cap of $3.88 billion, a P/E ratio of 10.91, a price-to-earnings-growth ratio of 0.44 and a beta of 1.39. Newfield Exploration has a 1 year low of $18.67 and a 1 year high of $35.20. The company has a debt-to-equity ratio of 1.48, a current ratio of 0.72 and a quick ratio of 0.70.

Newfield Exploration (NYSE:NFX) last posted its earnings results on Wednesday, October 31st. The energy company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.15. The company had revenue of $711.00 million during the quarter, compared to the consensus estimate of $661.27 million. Newfield Exploration had a net margin of 17.53% and a return on equity of 41.07%. The firm’s quarterly revenue was up 62.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.52 earnings per share. On average, equities analysts predict that Newfield Exploration will post 3.55 EPS for the current fiscal year.

In related news, insider Lee K. Boothby sold 16,161 shares of the company’s stock in a transaction dated Thursday, September 27th. The shares were sold at an average price of $29.25, for a total transaction of $472,709.25. Following the completion of the transaction, the insider now owns 194,420 shares in the company, valued at approximately $5,686,785. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.59% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC raised its position in shares of Newfield Exploration by 11.6% during the 2nd quarter. Janney Montgomery Scott LLC now owns 17,639 shares of the energy company’s stock worth $534,000 after purchasing an additional 1,835 shares during the last quarter. 180 Wealth Advisors LLC raised its position in shares of Newfield Exploration by 13.0% during the 2nd quarter. 180 Wealth Advisors LLC now owns 20,136 shares of the energy company’s stock worth $609,000 after purchasing an additional 2,316 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of Newfield Exploration by 5.3% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 57,663 shares of the energy company’s stock worth $1,744,000 after purchasing an additional 2,881 shares during the last quarter. State of Alaska Department of Revenue raised its position in shares of Newfield Exploration by 6.6% during the 3rd quarter. State of Alaska Department of Revenue now owns 50,486 shares of the energy company’s stock worth $1,455,000 after purchasing an additional 3,106 shares during the last quarter. Finally, Guinness Atkinson Asset Management Inc raised its position in shares of Newfield Exploration by 10.2% during the 2nd quarter. Guinness Atkinson Asset Management Inc now owns 37,786 shares of the energy company’s stock worth $1,143,000 after purchasing an additional 3,500 shares during the last quarter. Hedge funds and other institutional investors own 99.29% of the company’s stock.

About Newfield Exploration

Newfield Exploration Company, an independent energy company, engages in the exploration, development, and production of crude oil, natural gas, and natural gas liquids in the United States. The company has operations principally in the Anadarko and Arkoma basins of Oklahoma, the Williston Basin of North Dakota, and the Uinta Basin of Utah.

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Analyst Recommendations for Newfield Exploration (NYSE:NFX)

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