Trade Report: The Evercore ISI Downgrades Newfield Exploration Co. (NFX) to Hold

The Evercore ISI Downgrades Newfield Exploration Co. (NFX) to Hold

Newfield Exploration Co. (NYSE:NFX) was downgraded by equities research analysts at Evercore ISI from a “buy” rating to a “hold” rating in a report released on Friday. They presently have a $52.00 target price on the energy company’s stock. Evercore ISI’s target price points to a potential upside of 21.33% from the company’s current price.

A number of other research analysts have also recently commented on the stock. Imperial Capital reiterated an “outperform” rating and set a $53.00 price target on shares of Newfield Exploration in a research report on Friday, September 9th. Stifel Nicolaus reiterated a “buy” rating on shares of Newfield Exploration in a research report on Wednesday, August 31st. Williams Capital assumed coverage on shares of Newfield Exploration in a research report on Monday, August 29th. They set a “buy” rating and a $58.00 price target on the stock. Zacks Investment Research cut shares of Newfield Exploration from a “buy” rating to a “hold” rating in a research report on Wednesday, August 17th. Finally, Citigroup Inc. increased their price target on shares of Newfield Exploration from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, August 9th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Newfield Exploration presently has an average rating of “Buy” and an average price target of $46.82.

Shares of Newfield Exploration (NYSE:NFX) opened at 42.86 on Friday. The stock has a 50 day moving average of $43.01 and a 200 day moving average of $41.32. Newfield Exploration has a 1-year low of $20.84 and a 1-year high of $47.56. The company’s market cap is $8.43 billion.

Newfield Exploration (NYSE:NFX) last issued its quarterly earnings results on Tuesday, August 2nd. The energy company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.24. Newfield Exploration had a negative net margin of 226.57% and a positive return on equity of 9.07%. The business had revenue of $381 million for the quarter, compared to analysts’ expectations of $379.74 million. During the same period last year, the business earned $0.46 earnings per share. The business’s quarterly revenue was down 18.8% on a year-over-year basis. Analysts predict that Newfield Exploration will post $0.76 EPS for the current year.

In other Newfield Exploration news, Director Juanita F. Romans sold 2,015 shares of the firm’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $46.04, for a total value of $92,770.60. Following the transaction, the director now directly owns 36,810 shares of the company’s stock, valued at $1,694,732.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Pamela J. Gardner sold 10,685 shares of the firm’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $46.22, for a total value of $493,860.70. Following the completion of the transaction, the director now directly owns 43,749 shares in the company, valued at $2,022,078.78. The disclosure for this sale can be found here. 0.44% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Newfield Exploration by 12.5% in the second quarter. Vanguard Group Inc. now owns 19,099,273 shares of the energy company’s stock valued at $843,806,000 after buying an additional 2,128,367 shares during the last quarter. Wellington Management Group LLP boosted its position in Newfield Exploration by 49.9% in the first quarter. Wellington Management Group LLP now owns 19,040,494 shares of the energy company’s stock worth $633,096,000 after buying an additional 6,337,413 shares during the last quarter. State Street Corp boosted its position in Newfield Exploration by 15.0% in the second quarter. State Street Corp now owns 9,771,173 shares of the energy company’s stock worth $431,692,000 after buying an additional 1,271,965 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in Newfield Exploration by 1.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 6,385,350 shares of the energy company’s stock worth $282,105,000 after buying an additional 65,942 shares during the last quarter. Finally, Boston Partners bought a new position in Newfield Exploration during the second quarter worth $251,784,000. 99.63% of the stock is currently owned by institutional investors and hedge funds.

Newfield Exploration Company Profile

Related posts

Leave a Comment