Canaccord Genuity Maintains a 'Buy' on Newfield Exploration (NFX); Raising Production Estimates
Tweet Send to a FriendGet Alerts NFX Hot Sheet
Price: $23.58 +1.20%
Rating Summary:
10 Buy, 12 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
10 Buy, 12 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade NFX Now!
Canaccord Genuity maintains a 'Buy' on Newfield Exploration (NYSE: NFX) price target raised $1 to $45.
Analyst, John Gerdes, said, "We are increasing our target price due to stronger production. We increased our ’12 production estimate 4% to 308 Bcfe as Q1 production exceeded our expectation by 5%. Newfield has at least two plays (Wasatch and Bakken) that deliver oil-weighted production growth for a highly competitive ~$10/Boe. Yet CFPS growth is modestly inferior to the group due to elevated per unit expense (Malaysian production taxes) compounded by declining gas output. We remain patient buyers of NFX as a subset of the asset base generates highly competitive returns and the mid-year operations update could be a material catalyst."
For an analyst ratings summary and ratings history on Newfield Exploration click here. For more ratings news on Newfield Exploration click here.
Shares of Newfield Exploration closed at $35.18 yesterday, with a 52 week range of $31.62-$75.52.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Analyst, John Gerdes, said, "We are increasing our target price due to stronger production. We increased our ’12 production estimate 4% to 308 Bcfe as Q1 production exceeded our expectation by 5%. Newfield has at least two plays (Wasatch and Bakken) that deliver oil-weighted production growth for a highly competitive ~$10/Boe. Yet CFPS growth is modestly inferior to the group due to elevated per unit expense (Malaysian production taxes) compounded by declining gas output. We remain patient buyers of NFX as a subset of the asset base generates highly competitive returns and the mid-year operations update could be a material catalyst."
For an analyst ratings summary and ratings history on Newfield Exploration click here. For more ratings news on Newfield Exploration click here.
Shares of Newfield Exploration closed at $35.18 yesterday, with a 52 week range of $31.62-$75.52.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Morgan Stanley Says Tesla (TSLA) 'Top Pick in U.S. Autos'
- Topeka Capital Raises Google (GOOG) Target to $999, Co. on 'Forefront of Innovation'
- UBS Survey Shows Signs of Strength for Gilead's (GILD) TAF
Create E-mail Alert Related Categories
Analyst Comments, Analyst PT ChangeRelated Entities
Bakken Formation
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
