NFX Target Cut On Lower Gas Price Estimates

Analysts at SunTrust Robinson Humphrey reiterate their “buy” rating on Newfield Exploration (NYSE: NFX), while reducing their estimates for the company. The price target for NFX has been reduced from $67 to $66.

Newfield Exploration is expected to achieve 10% production growth this year. SunTrust’s production expectation for 2010 is 282 Bcfe, which is marginally short of the mid-point of the company’s guidance of between 278 and 288 Bcfe. The gas price estimate for 2010 has been reduced by $1.25 to $5.25, while the long-term projection has been lowered by $0.50 to $7.50.

SunTrust has reduced its EPS estimate for 2010 from $5.15 to $4.96.

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