Canaccord Adams Upgrades Newfield Exploration (NFX) to Buy
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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 Adams upgrades Newfield Exploration Co. (NYSE: NFX) from Hold to Buy and raises their price target from $55 to $69, following solid Q1 results which showed that production was strong, costs were lower and capital spending and production guidance for '08 was raised.
Analyst Irene Haas said, "Importantly, we believe that after three years of low growth and reshuffling assets, the company has the right portfolio to generate organic growth in 2008. In addition to the Woodford shale, we believe the Monument Butte Field could be a real sleeping giant. Also, the company has a nice footprint in North Dakota plus a very robust exploration inventory in deepwater Gulf of Mexico."
Analyst Irene Haas said, "Importantly, we believe that after three years of low growth and reshuffling assets, the company has the right portfolio to generate organic growth in 2008. In addition to the Woodford shale, we believe the Monument Butte Field could be a real sleeping giant. Also, the company has a nice footprint in North Dakota plus a very robust exploration inventory in deepwater Gulf of Mexico."
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