Newfield Exploration Co. (NFX) Sees Significant Growth in Short Interest

Newfield Exploration Co. (NYSE:NFX) was the target of a significant increase in short interest in November. As of November 15th, there was short interest totalling 14,561,116 shares, an increase of 54.7% from the October 31st total of 9,415,460 shares. Based on an average trading volume of 13,118,337 shares, the short-interest ratio is presently 1.1 days. Approximately 7.3% of the company’s shares are sold short.

In related news, insider Lee K. Boothby sold 16,161 shares of Newfield Exploration stock in a transaction 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 sale, the insider now owns 194,420 shares in the company, valued at $5,686,785. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.59% of the company’s stock.

Several hedge funds have recently made changes to their positions in NFX. Schwab Charles Investment Management Inc. boosted its stake in Newfield Exploration by 14.9% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,152,129 shares of the energy company’s stock worth $34,852,000 after purchasing an additional 149,303 shares in the last quarter. BP PLC bought a new position in Newfield Exploration in the 2nd quarter worth about $787,000. Korea Investment CORP boosted its stake in Newfield Exploration by 41.7% in the 2nd quarter. Korea Investment CORP now owns 24,472 shares of the energy company’s stock worth $740,000 after purchasing an additional 7,200 shares in the last quarter. Aperio Group LLC boosted its stake in Newfield Exploration by 26.4% in the 2nd quarter. Aperio Group LLC now owns 96,065 shares of the energy company’s stock worth $2,906,000 after purchasing an additional 20,044 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in Newfield Exploration by 19.7% in the 2nd quarter. Canada Pension Plan Investment Board now owns 235,200 shares of the energy company’s stock worth $7,115,000 after purchasing an additional 38,700 shares in the last quarter. Hedge funds and other institutional investors own 97.70% of the company’s stock.

Several analysts recently weighed in on the stock. Morgan Stanley cut their price target on shares of Newfield Exploration from $23.00 to $20.00 and set a “hold” rating on the stock in a report on Tuesday, November 20th. Zacks Investment Research cut shares of Newfield Exploration from a “buy” rating to a “hold” rating in a report on Wednesday, November 14th. Edward Jones cut shares of Newfield Exploration to a “hold” rating in a report on Friday, November 2nd. Susquehanna Bancshares reiterated a “neutral” rating on shares of Newfield Exploration in a report on Friday, November 2nd. Finally, Citigroup cut shares of Newfield Exploration from a “buy” rating to a “neutral” rating and dropped their target price for the company from $36.00 to $24.00 in a report on Friday, November 2nd. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $35.47.

Shares of NFX stock opened at $17.84 on Tuesday. Newfield Exploration has a 12 month low of $16.73 and a 12 month high of $35.20. The firm has a market cap of $3.40 billion, a PE ratio of 8.30, a price-to-earnings-growth ratio of 0.40 and a beta of 1.67. The company has a current ratio of 0.72, a quick ratio of 0.70 and a debt-to-equity ratio of 1.30.

Newfield Exploration (NYSE:NFX) last announced its earnings results on Wednesday, October 31st. The energy company reported $1.01 EPS for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.15. Newfield Exploration had a net margin of 21.14% and a return on equity of 43.65%. The firm had revenue of $711.00 million for the quarter, compared to analysts’ expectations of $661.27 million. During the same quarter in the previous year, the business posted $0.52 EPS. The company’s quarterly revenue was up 62.0% on a year-over-year basis. As a group, analysts expect that Newfield Exploration will post 3.58 earnings per share for the current year.

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Newfield Exploration Company Profile

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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