Newfield Exploration (NFX) Shares Down 6.9% After Insider Selling

Shares of Newfield Exploration Company (NYSE:NFX) dropped 6.9% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $28.42 and last traded at $28.44. Approximately 2,791,398 shares traded hands during trading, a decline of 5% from the average daily volume of 2,927,939 shares. The stock had previously closed at $30.56.

Specifically, 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 directly owns 255,322 shares of the company’s stock, valued at $8,093,707.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Juanita F. Romans sold 3,500 shares of the firm’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $30.02, for a total value of $105,070.00. Following the transaction, the director now directly owns 39,034 shares in the company, valued at $1,171,800.68. The disclosure for this sale can be found here. Insiders have sold 39,500 shares of company stock worth $1,210,270 over the last ninety days. Insiders own 0.54% of the company’s stock.

A number of research firms have recently weighed in on NFX. Jefferies Group set a $40.00 target price on shares of Newfield Exploration and gave the stock a “buy” rating in a report on Tuesday, August 29th. Barclays increased their target price on shares of Newfield Exploration from $22.00 to $25.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 11th. Morgan Stanley increased their target price on shares of Newfield Exploration from $31.00 to $33.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 18th. Royal Bank Of Canada reiterated a “buy” rating and set a $39.00 target price on shares of Newfield Exploration in a report on Tuesday, November 7th. Finally, BMO Capital Markets set a $34.00 target price on shares of Newfield Exploration and gave the stock a “buy” rating in a report on Tuesday, October 10th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $38.62.

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 cap of $6,268.03, a price-to-earnings ratio of 15.62, a P/E/G ratio of 1.29 and a beta of 1.44.

Newfield Exploration (NYSE:NFX) last released its earnings results on Tuesday, October 31st. The energy company reported $0.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.09. Newfield Exploration had a net margin of 20.62% and a return on equity of 35.28%. The firm had revenue of $439.00 million during the quarter, compared to analyst estimates of $419.75 million. During the same period last year, the business earned $0.45 earnings per share. The business’s revenue was up 12.0% on a year-over-year basis. research analysts predict that Newfield Exploration Company will post 2.1 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in NFX. Janus Henderson Group PLC lifted its holdings in shares of Newfield Exploration by 3,994.5% during the third quarter. Janus Henderson Group PLC now owns 1,899,262 shares of the energy company’s stock valued at $56,351,000 after purchasing an additional 1,852,876 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Newfield Exploration during the second quarter valued at approximately $42,542,000. FMR LLC lifted 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 valued at $297,683,000 after purchasing an additional 938,740 shares during the last quarter. Prudential Financial Inc. lifted 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 valued at $122,071,000 after purchasing an additional 872,434 shares during the last quarter. Finally, Schroder Investment Management Group lifted its holdings in shares of Newfield Exploration by 70.3% during the third quarter. Schroder Investment Management Group now owns 2,105,206 shares of the energy company’s stock valued at $62,209,000 after purchasing an additional 869,092 shares during the last quarter. Hedge funds and other institutional investors own 99.83% of the company’s stock.

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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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