Newfield Exploration (NFX) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Newfield Exploration (NYSE:NFX) from a hold rating to a buy rating in a report issued on Thursday morning. They currently have $27.00 target price 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 gives it the financial flexibility and a sizeable acreage position in the region. For 2018, Newfield expects its domestic production between 180–190 MBoe/d, up from 152 MBoe/d in 2017. It can lead to an increase in the top-line. We expect the company’s 2018 sales to surge by 43.8% year over year. The improving oil price environment is expected to result in increase in top-line and bottomline. Moreover, total proved reserves of the company of 680 MMBoe as of Dec 31, 2017 has improved 33% from the year-ago period’s 513 MMBoe. In view of these positives, we consider the stock to have considerable upside potential.”

Other analysts have also issued research reports about the stock. Seaport Global Securities reaffirmed a buy rating on shares of Newfield Exploration in a research report on Wednesday, July 25th. Jefferies Financial Group reaffirmed a buy rating and set a $37.00 price target on shares of Newfield Exploration in a research report on Wednesday, July 18th. Royal Bank of Canada reaffirmed a buy rating and set a $36.00 price target on shares of Newfield Exploration in a research report on Friday, July 13th. Morgan Stanley initiated coverage on shares of Newfield Exploration in a research report on Thursday, July 12th. They set an equal weight rating and a $32.00 price target on the stock. Finally, ValuEngine raised shares of Newfield Exploration from a sell rating to a hold rating in a research report on Friday, June 22nd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Newfield Exploration has an average rating of Hold and a consensus target price of $37.10.

Shares of NFX stock traded down $0.35 during trading on Thursday, hitting $23.59. 160,774 shares of the stock traded hands, compared to its average volume of 2,913,367. The firm has a market cap of $4.90 billion, a PE ratio of 10.97, a PEG ratio of 0.57 and a beta of 1.39. The company has a debt-to-equity ratio of 1.48, a quick ratio of 0.70 and a current ratio of 0.72. Newfield Exploration has a 52-week low of $22.72 and a 52-week high of $35.20.

Newfield Exploration (NYSE:NFX) last released its quarterly earnings results on Tuesday, July 31st. The energy company reported $0.94 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.12. The firm had revenue of $679.00 million for the quarter, compared to analyst estimates of $619.07 million. Newfield Exploration had a net margin of 17.53% and a return on equity of 41.07%. The business’s revenue for the quarter was up 68.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.43 EPS. Equities research analysts predict that Newfield Exploration will post 3.49 EPS for the current fiscal year.

In related news, insider Lee K. Boothby sold 16,161 shares of Newfield Exploration stock in a transaction that occurred on Thursday, September 27th. The shares were sold at an average price of $29.25, for a total value of $472,709.25. Following the completion of the sale, 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 Securities & Exchange Commission, which can be accessed through the SEC website. 0.59% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of the business. BlackRock Inc. grew its stake in shares of Newfield Exploration by 4.1% in the second quarter. BlackRock Inc. now owns 14,646,888 shares of the energy company’s stock worth $443,068,000 after acquiring an additional 571,447 shares in the last quarter. LSV Asset Management grew its stake in shares of Newfield Exploration by 604.9% in the second quarter. LSV Asset Management now owns 5,569,375 shares of the energy company’s stock worth $168,473,000 after acquiring an additional 4,779,275 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Newfield Exploration by 1.8% in the second quarter. Van ECK Associates Corp now owns 3,472,064 shares of the energy company’s stock worth $105,030,000 after acquiring an additional 62,641 shares in the last quarter. Scout Investments Inc. grew its stake in shares of Newfield Exploration by 153.8% in the second quarter. Scout Investments Inc. now owns 2,700,782 shares of the energy company’s stock worth $81,699,000 after acquiring an additional 1,636,795 shares in the last quarter. Finally, Schroder Investment Management Group grew its stake in shares of Newfield Exploration by 20.5% in the second quarter. Schroder Investment Management Group now owns 2,601,454 shares of the energy company’s stock worth $78,824,000 after acquiring an additional 442,324 shares in the last quarter. Institutional investors and hedge funds 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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