UPDATE: Jefferies Cuts PT to $38 on Newfield Exploration
Jefferies lowers its price target $4 to $38 on Hold-rated Newfield Exploration (NYSE: NFX) on Q4 takeaways suggesting soaring costs.
Jefferies notes, "Growth while spending within cash flow. While the oil mix continues to improve, higher operating and development costs are leading to a sizable nearterm outspend. Positive results from upcoming Uinta Basin horizontals would be a step in the right direction, but scalability will remain a question mark."
NFX closed at $36.06 a share yesterday.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.