Nomura Holdings Reiterates a Buy Rating on Newfield

By Ryan Adsit

In a report released today, Lloyd Byrne from Nomura Holdings reiterated a Buy rating on Newfield (NYSE: NFX), with a price target of $47. The company’s shares opened today at $38.66.

According to TipRanks.com, Byrne is a 4-star analyst with an average return of 8.6% and a 62.0% success rate. Byrne covers the Basic Materials sector, focusing on stocks such as Diamond Offshore Drilling, Parker Drilling Company, and Whiting Petroleum Corp.

Currently, the analyst consensus on Newfield is Moderate Buy and the average price target is $46.67, representing a 20.7% upside.

In a report issued on November 2, Canaccord Genuity also reiterated a Buy rating on the stock with a $50 price target.

Based on Newfield’s latest earnings report from June 30, the company posted quarterly revenue of $381M and quarterly net profit of -$667M. In comparison, last year the company earned revenue of $377M and had a net profit of -$1.23B.

Based on the recent corporate insider activity of 63 insiders, corporate insider sentiment is negative on the stock. Most recently, in August 2016, Pamela Gardner, a Director at NFX sold 10,685 shares for a total of $493,729.

Newfield Exploration Co. operates as an independent energy company. It engages in the exploration, evaluation, development and production of crude oil, natural gas, and natural gas liquids. It operates through the United States and China geographical segments. The company was founded by Joe B. Foster in 1988 and is headquartered in The Woodlands, TX.