$424.44 Million in Sales Expected for Newfield Exploration Company (NFX) This Quarter
Wall Street brokerages expect Newfield Exploration Company (NYSE:NFX) to announce sales of $424.44 million for the current quarter, according to Zacks. Nine analysts have made estimates for Newfield Exploration’s earnings. The highest sales estimate is $482.78 million and the lowest is $388.10 million. Newfield Exploration posted sales of $392.00 million during the same quarter last year, which indicates a positive year-over-year growth rate of 8.3%. The firm is expected to issue its next earnings report after the market closes on Tuesday, October 31st.
According to Zacks, analysts expect that Newfield Exploration will report full year sales of $424.44 million for the current financial year, with estimates ranging from $1.59 billion to $1.89 billion. For the next year, analysts expect that the business will report sales of $2.07 billion per share, with estimates ranging from $1.50 billion to $2.45 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Newfield Exploration.
Newfield Exploration (NYSE:NFX) last released its quarterly earnings results on Tuesday, August 1st. The energy company reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by $0.01. The business had revenue of $402 million for the quarter, compared to the consensus estimate of $413.70 million. Newfield Exploration had a net margin of 18.82% and a return on equity of 33.17%. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.32 EPS.
Several brokerages have weighed in on NFX. BidaskClub upgraded Newfield Exploration from a “strong sell” rating to a “sell” rating in a research note on Monday, July 31st. J P Morgan Chase & Co restated an “overweight” rating and set a $36.00 price objective (down from $40.00) on shares of Newfield Exploration in a research note on Wednesday, August 9th. Royal Bank Of Canada set a $54.00 price objective on Newfield Exploration and gave the company a “buy” rating in a research note on Saturday, June 3rd. Barclays PLC reiterated an “equal weight” rating and set a $22.00 target price (down from $23.00) on shares of Newfield Exploration in a research note on Wednesday, August 9th. Finally, Zacks Investment Research upgraded Newfield Exploration from a “sell” rating to a “hold” rating in a research note on Thursday, August 10th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $42.50.
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Newfield Exploration (NFX) opened at 25.51 on Thursday. The firm has a market capitalization of $5.04 billion, a price-to-earnings ratio of 16.54 and a beta of 1.48. The company has a 50-day moving average of $26.51 and a 200-day moving average of $32.31. Newfield Exploration has a 1-year low of $24.41 and a 1-year high of $50.00.
In other Newfield Exploration news, Director Roger B. Plank bought 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The stock was bought at an average price of $25.98 per share, for a total transaction of $77,940.00. Following the completion of the acquisition, the director now directly owns 30,787 shares in the company, valued at $799,846.26. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.54% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Newfield Exploration by 2,798.4% in the first quarter. BlackRock Inc. now owns 13,788,511 shares of the energy company’s stock valued at $508,934,000 after buying an additional 13,312,785 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Newfield Exploration by 31.1% in the first quarter. Wellington Management Group LLP now owns 27,063,455 shares of the energy company’s stock valued at $998,913,000 after buying an additional 6,422,891 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Newfield Exploration during the second quarter valued at $42,542,000. Prudential Financial Inc. boosted its stake in shares of Newfield Exploration by 45.5% in the first quarter. Prudential Financial Inc. now owns 3,825,967 shares of the energy company’s stock valued at $141,216,000 after buying an additional 1,197,112 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Newfield Exploration by 5.2% in the first quarter. Vanguard Group Inc. now owns 22,916,735 shares of the energy company’s stock valued at $845,856,000 after buying an additional 1,131,263 shares during the last quarter. 99.15% of the stock is currently owned by institutional investors.
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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