Zacks Investment Research upgraded shares of Newfield Exploration Company (NFX) from UNDERPERFORM to NEUTRAL on November 16, 2012, with a target price of $25.00.
We are upgrading our recommendation on Newfield Exploration to Neutral from Underperform. The company's first well drilled in the Hogshooter as well as positive results from the South Cana, Bakken and Eagle Ford during the third quarter are likely to aid the company's growth. Newfield's operations abroad, especially in Malaysia, holds immense potential. Again, the company expects output to rise by about 50% annually in 2012 and surpass the previous guidance by 1.5 million barrels of oil equivalent, as a result of robust field performance and ramp up in development activities. However, increasing cost pressure in the highly competitive shale plays remains a cause for concern.
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