Ticonderoga maintains a 'Buy' on Newfield Exploration (NFX); Initial Takeaways from 1Q Results
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Price: $24.86 -3.38%
Rating Summary:
19 Buy, 20 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 21 | New: 20
Rating Summary:
19 Buy, 20 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 21 | New: 20
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Ticonderoga maintains a 'Buy' on Newfield Exploration (NYSE: NFX), PT $87.
Ticonderoga analyst says, "2011 production likely to come at low-end of guidance: NFX’s 1Q’11 production totaled 72 Bcfe, nearly 3% below our forecast. The company is guiding toward a range of 312-323 Bcfe for the year, which means production would have to average 80 Bcfe the remainder of the year to hit the low end, or 10% higher than 1Q’11...NFX warned that 2Q’11 production will be negatively impacted by deferred production in Malaysia where the Abu field is currently shut-in due to mechanical failure of its FPSO. Repairs are expected to last 60-90 days, which will reduce 2Q’11 oil volumes by 0.2 MMbbls (1.2 Bcfe). International production (vast majority being Malaysia) accounted for 13% of total volumes. This comes on the heels of weather disruptions in the Monument Butte during 4Q’10 (and possibly 1Q’11)."
"NFX’s operational review shows drilling results across all areas continue to improve with sizable production growth from the key resources plays. However, our annual forecast of 318 Bcfe is looking a bit aggressive given 1Q production levels and the possibility of further delays in Malaysia."
For more ratings news on Newfield Exploration click here and for the rating history of Newfield Exploration click here.
Shares of Newfield Exploration closed at $72.46 yesterday.
Ticonderoga analyst says, "2011 production likely to come at low-end of guidance: NFX’s 1Q’11 production totaled 72 Bcfe, nearly 3% below our forecast. The company is guiding toward a range of 312-323 Bcfe for the year, which means production would have to average 80 Bcfe the remainder of the year to hit the low end, or 10% higher than 1Q’11...NFX warned that 2Q’11 production will be negatively impacted by deferred production in Malaysia where the Abu field is currently shut-in due to mechanical failure of its FPSO. Repairs are expected to last 60-90 days, which will reduce 2Q’11 oil volumes by 0.2 MMbbls (1.2 Bcfe). International production (vast majority being Malaysia) accounted for 13% of total volumes. This comes on the heels of weather disruptions in the Monument Butte during 4Q’10 (and possibly 1Q’11)."
"NFX’s operational review shows drilling results across all areas continue to improve with sizable production growth from the key resources plays. However, our annual forecast of 318 Bcfe is looking a bit aggressive given 1Q production levels and the possibility of further delays in Malaysia."
For more ratings news on Newfield Exploration click here and for the rating history of Newfield Exploration click here.
Shares of Newfield Exploration closed at $72.46 yesterday.
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