Newfield Exploration (NFX) Upgraded to “Buy” by Bank of America

Bank of America upgraded shares of Newfield Exploration (NYSE:NFX) from a neutral rating to a buy rating in a research note released on Thursday. They currently have $46.00 target price on the energy company’s stock.

Other analysts have also issued research reports about the company. Scotiabank reiterated a buy rating and issued a $38.00 price target on shares of Newfield Exploration in a report on Wednesday, November 1st. Williams Capital set a $46.00 price target on Newfield Exploration and gave the company a buy rating in a report on Wednesday, November 1st. SunTrust Banks set a $37.00 price target on Newfield Exploration and gave the company a buy rating in a report on Tuesday, October 31st. BMO Capital Markets set a $34.00 price target on Newfield Exploration and gave the company a buy rating in a report on Tuesday, October 10th. Finally, Stifel Nicolaus set a $37.00 price target on Newfield Exploration and gave the company a buy rating in a report on Thursday, October 5th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $38.27.

Shares of Newfield Exploration (NFX) traded up $0.74 during midday trading on Thursday, hitting $33.84. The company had a trading volume of 3,462,100 shares, compared to its average volume of 3,279,233. The company has a quick ratio of 1.15, a current ratio of 1.17 and a debt-to-equity ratio of 1.87. The stock has a market capitalization of $6,680.00, a price-to-earnings ratio of 19.56, a price-to-earnings-growth ratio of 1.07 and a beta of 1.45. Newfield Exploration has a 12-month low of $24.41 and a 12-month high of $43.74.

Newfield Exploration (NYSE:NFX) last announced its quarterly earnings results on Tuesday, October 31st. The energy company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.09. The firm had revenue of $439.00 million during the quarter, compared to analyst estimates of $419.75 million. Newfield Exploration had a return on equity of 35.28% and a net margin of 20.62%. Newfield Exploration’s quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.45 earnings per share. equities research analysts anticipate that Newfield Exploration will post 2.14 earnings per share for the current year.

In other news, Director Juanita F. Romans sold 3,500 shares of the company’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $30.02, for a total transaction of $105,070.00. Following the transaction, the director now directly owns 39,034 shares of the company’s stock, valued at $1,171,800.68. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Lee K. Boothby sold 12,000 shares of the company’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $31.70, for a total value of $380,400.00. Following the transaction, the chief executive officer now directly owns 255,322 shares in the company, valued at $8,093,707.40. The disclosure for this sale can be found here. Insiders sold 39,500 shares of company stock valued at $1,243,150 in the last three months. 0.54% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the company. Schroder Investment Management Group increased its position in shares of Newfield Exploration by 67.3% during the second quarter. Schroder Investment Management Group now owns 1,236,114 shares of the energy company’s stock worth $35,353,000 after purchasing an additional 497,431 shares in the last quarter. Atlantic Trust Group LLC increased its position in shares of Newfield Exploration by 22.8% during the second quarter. Atlantic Trust Group LLC now owns 253,908 shares of the energy company’s stock worth $7,226,000 after purchasing an additional 47,194 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Newfield Exploration by 21.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 51,229 shares of the energy company’s stock worth $1,458,000 after purchasing an additional 8,972 shares in the last quarter. 361 Capital LLC increased its position in shares of Newfield Exploration by 15.6% during the second quarter. 361 Capital LLC now owns 183,420 shares of the energy company’s stock worth $5,220,000 after purchasing an additional 24,812 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Newfield Exploration by 3.3% during the second quarter. Vanguard Group Inc. now owns 23,677,528 shares of the energy company’s stock worth $673,862,000 after purchasing an additional 760,793 shares in the last quarter. 99.71% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Newfield Exploration (NYSE:NFX)

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