UPDATE: Barrington Research Reiterates On Newfield Exploration Company On Overdone Reaction To OPEC News

In a report published Monday, Barrington Research analyst Rudolf A. Hokanson reiterated an Outperform rating on

, and raised the price target from $43.00 to $47.00. In the report, Barrington Research noted, “We continue our OUTPERFORM investment rating on our E&P names: CLR, NFX, SM, and WLL. We have set new targets on each of these stocks. On Thursday, November 27, OPEC left current production quotas in place at 30 million barrels of oil a day. WTI is now trading at below $70 per barrel. As many commentators said, the markets were expecting this. But that doesn't mean the markets don't react. Over the last three years since 2012, OPEC has produced over 30.0 million barrels of oil a day. With EIA forecasts made earlier this year of various price scenarios, lower oil prices will result in OPEC producing more oil than they might otherwise produce, perhaps given the lower revenue per barrel and but also perhaps because of higher demand.” Newfield Exploration Company closed on Friday at $27.23.