Newfield Exploration Company (NFX) Trading 7.9% Higher
Shares of Newfield Exploration Company (NYSE:NFX) traded up 7.9% during mid-day trading on Tuesday . The stock traded as high as $33.10 and last traded at $33.07. 4,893,868 shares traded hands during mid-day trading, an increase of 63% from the average session volume of 3,010,000 shares. The stock had previously closed at $30.66.
Several analysts have recently issued reports on the company. J P Morgan Chase & Co reiterated an “overweight” rating and issued a $36.00 price objective (down from $40.00) on shares of Newfield Exploration in a research note on Wednesday, August 9th. Piper Jaffray Companies reduced their price objective on Newfield Exploration from $53.00 to $41.00 and set an “overweight” rating on the stock in a research note on Monday, September 18th. BMO Capital Markets set a $34.00 price objective on Newfield Exploration and gave the company a “buy” rating in a research note on Tuesday, October 10th. Jefferies Group LLC set a $40.00 price objective on Newfield Exploration and gave the company a “buy” rating in a research note on Tuesday, August 29th. Finally, Barclays PLC reduced their price objective on Newfield Exploration from $23.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 3rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nineteen have given a buy rating to the company. Newfield Exploration currently has an average rating of “Buy” and an average price target of $39.22.
The company has a debt-to-equity ratio of 1.87, a current ratio of 1.17 and a quick ratio of 1.15. The company has a market capitalization of $6,490.00, a PE ratio of 15.25, a P/E/G ratio of 1.30 and a beta of 1.47.
Newfield Exploration (NYSE:NFX) last released its quarterly 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 return on equity of 35.28% and a net margin of 20.62%. The firm had revenue of $439.00 million for the quarter, compared to analyst estimates of $419.75 million. During the same quarter last year, the company posted $0.45 earnings per share. The business’s revenue was up 12.0% on a year-over-year basis. research analysts forecast that Newfield Exploration Company will post 2.04 earnings per share for the current year.
In related news, CEO Lee K. Boothby sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $31.70, for a total transaction of $380,400.00. Following the transaction, the chief executive officer now owns 255,322 shares of the company’s stock, valued at $8,093,707.40. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Roger B. Plank purchased 3,000 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were bought at an average cost of $25.98 per share, for a total transaction of $77,940.00. Following the acquisition, the director now owns 30,787 shares of the company’s stock, valued at $799,846.26. The disclosure for this purchase can be found here. In the last three months, insiders have sold 36,000 shares of company stock worth $1,043,760. Corporate insiders own 0.54% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in NFX. Renaissance Technologies LLC purchased a new position in shares of Newfield Exploration during the second quarter worth about $42,542,000. FMR LLC grew its holdings in shares of Newfield Exploration by 9.9% during the second quarter. FMR LLC now owns 10,459,662 shares of the energy company’s stock worth $297,683,000 after buying an additional 938,740 shares during the last quarter. Prudential Financial Inc. grew its holdings in shares of Newfield Exploration by 26.9% during the third quarter. Prudential Financial Inc. now owns 4,114,290 shares of the energy company’s stock worth $122,071,000 after buying an additional 872,434 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Newfield Exploration by 3.3% during the second quarter. Vanguard Group Inc. now owns 23,677,528 shares of the energy company’s stock worth $673,862,000 after buying an additional 760,793 shares during the last quarter. Finally, Bridgewater Associates LP grew its holdings in shares of Newfield Exploration by 604.1% during the second quarter. Bridgewater Associates LP now owns 825,717 shares of the energy company’s stock worth $23,500,000 after buying an additional 708,436 shares during the last quarter. 98.76% of the stock is currently 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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