UPDATE: Goldman Sachs Lowers PT on Newfield Exploration to $46

Goldman Sachs has lowered its price target on Newfield Exploration NFX from $52 to $46 in a research report out today. Presently, Goldman Sachs has a Buy rating on Newfield Exploration. In the report, Goldman Sachs writes, "We keep our Buy rating now as we believe capital redirections are likely to subside (though using proceeds from a GOM exit towards acquisition is possible)and there is likely to be a greater focus on 3 areas of US growth – Bakken, where we expect a 2Q production step up as backlog is reduced; Uinta oil, with disclosure on horizontal/deeper vertical drilling expected by midyear; and the Cana Woodford, where we expect results to be disclosed around midyear." Shares of Newfield Exploration are currently trading at $36.91, up 0.08% from yesterday's close.