Zacks Investment Research Lowers Newfield Exploration Company (NFX) to Hold
Zacks Investment Research cut shares of Newfield Exploration Company (NYSE:NFX) from a buy rating to a hold rating in a report issued on Friday morning.
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 gives it the financial flexibility and a sizeable acreage position in the region. This has helped the company to produce at higher-than-average levels. We appreciate the company’s measures to reduce cost related to core operations, especially in an unfavorable business scenario. However, the company has significant exposure to debt as its debt-to-capitalization ratio is 65.2%, much higher than 49.5% of the broader industry. On top of that, Newfield is primarily focused on the U.S. shale plays, with little exposure to China. Hence, less exposure to more profitable international oil resources is a drag. The company’s price chart has also underperformed the broader indices over the last one year.”
A number of other analysts also recently weighed in on the stock. TheStreet raised shares of Newfield Exploration from a d+ rating to a c- rating in a research report on Monday, November 6th. Royal Bank Of Canada reissued a buy rating and set a $39.00 price target on shares of Newfield Exploration in a research report on Tuesday, November 7th. Barclays PLC raised their price objective on Newfield Exploration from $25.00 to $27.00 and gave the stock an equal weight rating in a research note on Thursday, November 2nd. Scotiabank restated a buy rating and set a $38.00 price objective on shares of Newfield Exploration in a research note on Wednesday, November 1st. Finally, SunTrust Banks, Inc. set a $37.00 price objective on Newfield Exploration and gave the stock a buy rating in a research note on Tuesday, October 31st. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $38.87.
Newfield Exploration (NYSE:NFX) traded up $0.32 during mid-day trading on Friday, hitting $33.31. 2,648,900 shares of the stock were exchanged, compared to its average volume of 2,993,722. Newfield Exploration has a twelve month low of $24.41 and a twelve month high of $50.00. 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 firm has a market capitalization of $6,649.30, a P/E ratio of 16.57, a P/E/G ratio of 1.40 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 for the quarter, topping analysts’ consensus estimates of $0.43 by $0.09. Newfield Exploration had a net margin of 20.62% and a return on equity of 35.28%. The business had revenue of $439.00 million during the quarter, compared to the consensus estimate of $419.75 million. During the same quarter last year, the company earned $0.45 earnings per share. The business’s quarterly revenue was up 12.0% compared to the same quarter last year. research analysts forecast that Newfield Exploration will post 2.06 EPS for the current fiscal year.
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In related news, insider Lee K. Boothby sold 12,000 shares of Newfield Exploration stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $26.18, for a total value of $314,160.00. Following the transaction, the insider now owns 279,322 shares of the company’s stock, valued at approximately $7,312,649.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Juanita F. Romans sold 3,500 shares of Newfield Exploration stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $30.02, for a total value of $105,070.00. Following the completion of the transaction, the director now directly owns 39,034 shares in the company, valued at approximately $1,171,800.68. The disclosure for this sale can be found here. Insiders sold a total of 39,500 shares of company stock worth $1,148,830 in the last three months. 0.54% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. OxFORD Asset Management LLP increased its stake in Newfield Exploration by 3.1% in the 3rd quarter. OxFORD Asset Management LLP now owns 317,961 shares of the energy company’s stock worth $9,439,000 after purchasing an additional 9,478 shares in the last quarter. Van Den Berg Management I Inc. purchased a new position in Newfield Exploration in the 3rd quarter worth about $309,000. Commerzbank Aktiengesellschaft FI purchased a new position in Newfield Exploration in the 3rd quarter worth about $383,000. Dimensional Fund Advisors LP grew its stake in Newfield Exploration by 110.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,278,674 shares of the energy company’s stock valued at $37,938,000 after acquiring an additional 671,123 shares in the last quarter. Finally, Tiedemann Wealth Management LLC grew its stake in Newfield Exploration by 36.0% during the 3rd quarter. Tiedemann Wealth Management LLC now owns 28,966 shares of the energy company’s stock valued at $148,000 after acquiring an additional 7,664 shares in the last quarter. 98.76% of the stock is currently owned by hedge funds and other institutional investors.
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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