Canaccord Genuity Maintains a 'Buy' on Newfield Exploration (NFX); Raising Production Estimates
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Price: $25.73 --0%
Rating Summary:
19 Buy, 20 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
Rating Summary:
19 Buy, 20 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 12 | New: 19
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Canaccord Genuity maintains a 'Buy' on Newfield Exploration (NYSE: NFX) price target raised $1 to $45.
Analyst, John Gerdes, said, "We are increasing our target price due to stronger production. We increased our ’12 production estimate 4% to 308 Bcfe as Q1 production exceeded our expectation by 5%. Newfield has at least two plays (Wasatch and Bakken) that deliver oil-weighted production growth for a highly competitive ~$10/Boe. Yet CFPS growth is modestly inferior to the group due to elevated per unit expense (Malaysian production taxes) compounded by declining gas output. We remain patient buyers of NFX as a subset of the asset base generates highly competitive returns and the mid-year operations update could be a material catalyst."
For an analyst ratings summary and ratings history on Newfield Exploration click here. For more ratings news on Newfield Exploration click here.
Shares of Newfield Exploration closed at $35.18 yesterday.
Analyst, John Gerdes, said, "We are increasing our target price due to stronger production. We increased our ’12 production estimate 4% to 308 Bcfe as Q1 production exceeded our expectation by 5%. Newfield has at least two plays (Wasatch and Bakken) that deliver oil-weighted production growth for a highly competitive ~$10/Boe. Yet CFPS growth is modestly inferior to the group due to elevated per unit expense (Malaysian production taxes) compounded by declining gas output. We remain patient buyers of NFX as a subset of the asset base generates highly competitive returns and the mid-year operations update could be a material catalyst."
For an analyst ratings summary and ratings history on Newfield Exploration click here. For more ratings news on Newfield Exploration click here.
Shares of Newfield Exploration closed at $35.18 yesterday.
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