Zacks Investment Research Downgrades 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 published on Friday.

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. Since the beginning of this year, Newfield has managed to lower its operating cost by more than 65%. However, the company has significant exposure to debt as its debt-to-capitalization ratio is much higher than the broader industry. On top of that, Newfield is mainly 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 six months.”

NFX has been the subject of a number of other reports. Barclays PLC increased their price objective on Newfield Exploration from $22.00 to $25.00 and gave the stock an equal weight rating in a research report on Wednesday, October 11th. Morgan Stanley increased their price objective on Newfield Exploration from $31.00 to $33.00 and gave the stock an equal weight rating in a research report on Wednesday, October 18th. Jefferies Group LLC reaffirmed a buy rating and set a $46.00 price objective on shares of Newfield Exploration in a research report on Thursday, July 6th. J P Morgan Chase & Co reaffirmed an overweight rating and set a $36.00 price objective (down from $40.00) on shares of Newfield Exploration in a research report on Wednesday, August 9th. Finally, Citigroup Inc. decreased their price objective on Newfield Exploration from $50.00 to $36.00 and set a buy rating for the company in a research report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the company. Newfield Exploration currently has an average rating of Buy and an average target price of $39.37.

Newfield Exploration (NYSE:NFX) opened at 30.09 on Friday. Newfield Exploration has a 12 month low of $24.41 and a 12 month high of $50.00. The company’s 50-day moving average price is $29.09 and its 200 day moving average price is $29.44. The stock has a market capitalization of $5.95 billion, a PE ratio of 19.51 and a beta of 1.53.

Newfield Exploration (NYSE:NFX) last posted its quarterly earnings data 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). Newfield Exploration had a return on equity of 33.17% and a net margin of 18.82%. The company had revenue of $402.00 million for the quarter, compared to analyst estimates of $413.70 million. During the same period in the previous year, the business posted $0.32 earnings per share. The firm’s revenue was up 5.5% compared to the same quarter last year. On average, analysts forecast that Newfield Exploration will post $1.93 earnings per share for the current fiscal year.

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In related news, Director Roger B. Plank bought 3,000 shares of the stock in a transaction on Friday, August 11th. The shares were purchased at an average price of $25.98 per share, for a total transaction of $77,940.00. Following the acquisition, the director now owns 30,787 shares in the company, valued at $799,846.26. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lee K. Boothby sold 12,000 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $29.10, for a total value of $349,200.00. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in the business. CIBC Asset Management Inc grew its holdings in Newfield Exploration by 0.4% during the 2nd quarter. CIBC Asset Management Inc now owns 17,727 shares of the energy company’s stock valued at $505,000 after buying an additional 70 shares during the last quarter. Utah Retirement Systems grew its holdings in Newfield Exploration by 0.3% during the 2nd quarter. Utah Retirement Systems now owns 36,416 shares of the energy company’s stock valued at $1,037,000 after buying an additional 100 shares during the last quarter. Louisiana State Employees Retirement System grew its holdings in Newfield Exploration by 1.6% during the 2nd quarter. Louisiana State Employees Retirement System now owns 12,400 shares of the energy company’s stock valued at $353,000 after buying an additional 200 shares during the last quarter. State Treasurer State of Michigan grew its holdings in Newfield Exploration by 0.3% during the 2nd quarter. State Treasurer State of Michigan now owns 65,512 shares of the energy company’s stock valued at $1,864,000 after buying an additional 200 shares during the last quarter. Finally, Arizona State Retirement System grew its holdings in Newfield Exploration by 0.4% during the 2nd quarter. Arizona State Retirement System now owns 49,400 shares of the energy company’s stock valued at $1,406,000 after buying an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 99.15% of the company’s stock.

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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