Market Overview

UPDATE: Societe Generale Cuts PT to $39 on Newfield Exploration on Lower Estimates

Share:
Related NFX
Benzinga's Top Initiations
Here Are Imperial Capital's 7 Best Stock Ideas
The Vetr community has downgraded $NFX to 1.5-Stars (Vetr)

Societe Generale reiterated its Buy rating on Newfield Exploration (NYSE: NFX) but reduced its price target from $40 to $39.

Societe Generale said, "Our valuation multiple is a roughly 30% discount to the peer group multiple due to prior issues in the Bakken, the need to prove the economics of its Uinta prospects, including needed government approval for longer laterals, and what we view as poor communication of the Malaysia PSC impact. That said, the Street remains in a glass-half-empty mode with regard to these areas. We're not in that camp and think it more prudent to focus on NFX's US operations, which we believe have turned the corner. NFX does not currently pay a dividend."

Newfield Exploration closed at $23.88 on Tuesday.

Latest Ratings for NFX

DateFirmActionFromTo
Nov 2016Societe GeneraleUpgradesHoldBuy
Oct 2016Morgan StanleyInitiates Coverage OnEqual-Weight
Oct 2016Evercore ISI GroupDowngradesBuyHold

View More Analyst Ratings for NFX
View the Latest Analyst Ratings

Posted-In: Societe GeneraleAnalyst Color Price Target Intraday Update Analyst Ratings

 

Related Articles (NFX)

View Comments and Join the Discussion!