UPDATE: Citigroup Downgrades Newfield Exploration to Neutral

Citigroup lowers its rating on Newfield Exploration

to Neutral from Buy and lowers its price target $2 to $46 on reduced estimates following Q4 results. Citigroup says, "Newfield reported recurring Q4'11 EPS/CFPS of $0.95/$2.21 versus our estimates of $1.12/$2.80 and consensus of $1.02/$2.85. Production was just slightly below our projection due to natural gas activity slowdown and curtailments at year end while CFPS was impacted by negative deferred taxes due to revisions." NFX closed at $42.45 a share on Tuesday.