UPDATE - UBS Downgraded Newfield Exploration (NFX) to Neutral; Asset Underperformance and Weak Volume Growth

UPDATE - UBS downgraded Newfield Exploration (NYSE: NFX) from Buy to Neutral, price target cut from $44 to $41.

UBS analyst said, "NFX disclosed ‘11 production of ~300 Bcfe, at the bottom of the guidance range. NFX guided to >20% liquids growth in 2012 (vs. prior UBSe of +25%) and expects liquids to represent ~50% of overall production in 2H12; we believe this implies 2012 companywide growth of ~3-4%, below consensus of 9%."

"We are reducing 2012-13 CFPS estimates on the lower than expected implied 2012 production guidance. We now expect 23% liquids growth in 2012 and an 11% natural gas decline. Our 2012-13 estimates are being reduced to $4.25/$11.00 and $4.00/$10.90 from $4.25/$11.30 and $4.20/$11.80, respectively."

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