KLR Group Downgrades Newfield Exploration (NFX) to Hold
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KLR Group downgraded Newfield Exploration (NYSE: NFX) from Accumulate to Hold with a price target of $47.00 (from $48.00) on valuation.
Analyst John Gerdes commented, "We are downgrading NFX from Accumulate to Hold and decreasing our target price $1 to $47 per share due the modestly dilutive sale of non-core Texas properties. NFX shares approximate our equity fair value, thus requiring a downgrade to Hold. Before the non-core Texas divestitures, our ’16 production expectation of ~60 Mmboe was ~1% above guidance (58-59.5 Mmboe)."
Shares of Newfield Exploration closed at $45.68 yesterday.
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