UPDATE: Jefferies Cuts PT to $38 on Newfield Exploration

Jefferies lowers its price target $4 to $38 on Hold-rated Newfield Exploration

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.