UPDATE: Jefferies Cuts PT to $32 on Newfield Exploration Company on Higher-Cost Reserves

Jefferies maintained Newfield Exploration Company

with a Buy rating and lowered the price target from $46.00 to $32.00. Jefferies commented, "Reducing PT to $32/shr from $46 on PV10 miss in recent reserve update which pointed to higher costs and/or wider differentials. Updating estimates to reflect planned international sale and higher domestic liquids growth. We assume $1.2B of after-tax proceeds and a mid-2013 closing." Newfield Exploration Company closed at $27.15 on Friday.