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