UPDATE - Barclays Downgraded Newfield Exploration (NFX) to Equalweight; Red Flags Up on Disappointing Guidance

UPDATE - Barclays downgraded Newfield Exploration (NYSE: NFX) from Overweight to Equalweight, price target lowered from $54 to $40.

Analyst, Thomas R. Driscoll, said, "Portfolio churn, paired with disappointing results, gives rise to asset-quality concerns. A year ago investors were enthused about the Eagleford, Granite Wash, Southern Alberta Basin and Woodford (oil); plus the Bakken and Monument Butte. Spending in the first 4 areas has fallen sharply, some Bakken assets have been sold; only Monument Butte appears to be delivering among these assets. Improved visibility could be 18 months out."

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