Newfield Exploration Co. (NFX) reported quarterly earnings results on Tuesday, Aug-2-2016. The company said it had a profit of $0.32 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.15. Analysts had a consensus of $0.17. The company posted revenue of $381.00 million in the period, compared to analysts expectations of $387.42 million. The company’s revenue was down -18.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.46 EPS.
Many Wall Street Analysts have commented on Newfield Exploration Co.. Newfield Exploration Co. was Initiated by Johnson Rice to “Buy” on Jul 28, 2016. Company shares were Reiterated by RBC Capital Mkts on Jul 11, 2016 to “Outperform”, Firm has raised the Price Target to $ 48 from a previous price target of $45 .Company shares were Resumed by Piper Jaffray on Jul 6, 2016 to “Overweight”, Firm has raised the Price Target to $ 54 from a previous price target of $50 .
Newfield Exploration Co. opened for trading at $41.89 and hit $43.365 on the upside on Friday, eventually ending the session at $43.3, with a gain of 2.17% or 0.92 points. The heightened volatility saw the trading volume jump to 21,36,394 shares. Company has a market cap of $8,594 M.
In a different news, on Jun 27, 2016, Matthew R Vezza (VP-Western Region) sold 4,600 shares at $43.17 per share price. According to the SEC, on May 31, 2016, Lee K Boothby (President and CEO) sold 50,000 shares at $40.95 per share price. On May 31, 2016, John H Jasek (Sr. Vice President-Operations) sold 25,000 shares at $40.93 per share price, according to the Form-4 filing with the securities and exchange commission.
Newfield Exploration Company (Newfield) is an independent energy company engaged in the exploration development and production of crude oil natural gas and natural gas liquids. The Companys principal areas of operation are oil and liquids-rich resource plays in the Mid-Continent Rocky Mountains and onshore Gulf Coast regions of the United States. The Company operates through two segments: the United States and China. Approximately 46% of the Companys proved reserves are located in Mid-Continent region. The Companys assets consist of more than 400000 net acres in the Anadarko and Arkoma basins. Approximately 43% of its proved reserves are located in the Rocky Mountains region. The Company has approximately 92000 net acres in the Williston Basin. The Company has approximately 225000 net acres in the Uinta Basin. About 7% of the Companys proved reserves are located in the onshore Gulf Coast region. Approximately 4% of the Companys proved reserves are located in China.