Citigroup Maintains Buy, $48 Target on Newfield Exploration
Citigroup reiterates its Buy rating and $48 target price on Newfield Exploration (NYSE: NFX) as 2012 growth should be driven by Uinta, offshore GOM and international projects.
Citi comments, “Output next year is expected to average 909 MMcfe/d next year, up 10% from this year, with growth largely driven by output from Malaysia's East Piatu field and from the Gulf of Mexico Pyrenees field being online for the entire year, adding ~5% and ~3%, respectively, to production upon start-up. The Uinta Basin, which is projected to post output growth of 25% next year, will also add ~4% to 2012 production growth. Further adding to growth next year will be production from this year's deferred completion in the Williston Basin and in the Midcontinent (Granite Wash and the “Oily” Woodford).”
NFX closed at $41.88 per share, up 1.13 percent, on Friday.
