SunTrust Robinson Humphrey Upgrades Newfield Exploration (NFX) To Buy
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SunTrust Robinson Humphrey upgrades Newfield Exploration (NYSE: NFX) to Buy with a $72 price target (there was no change in the price target). SunTrust made the upgrade because of improved Woodford shale economics and the recent price decline in the stock.
Newfield Exploration has several production catalysts ahead of it, including the expansion of the Woodford shale, increasing the number of rigs running from 12 to 15 by early 2009. Additionally, in the Monument Butte field, Newfield is running five rigs and expects production to increase from 15.6 to 16.5 Mbopd at year-end.
Newfield should have many new rigs up and running in '09. Newfield's revenue and earnings will likely rise as it has more production coming on board.
Newfield Exploration is an independent exploration and production (E&P) company with a balanced exploration, exploitation and acquisition strategy.
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