Zacks Investment Research upgraded shares of Newfield Exploration Company (NFX) from NEUTRAL to OUTPERFORM on July 03, 2014, with a target price of $53.00.
Newfield Exploration reported strong first-quarter results with earnings beating the Zacks Consensus Estimate and revenues rising over the year-ago number. Going forward the Woodlands, Texas based independent energy company should benefit from the positive results of the Uinta Basin, South Cana, Bakken and Eagle Ford. Furthermore, Newfield's international asset divestitures like the Malaysia business will help in improving profitability. For 2014, the company intends to spend the capital mostly on liquid-rich operations and expects to generate about 10-20% year-over-year growth in oil and liquids domestic production. This the company estimates would result in an output of about 44-48 million barrels of oil equivalent (MMBOE) in 2014, up from 40.1 MMBOE in 2013. Thus, we upgrade our recommendation from Neutral to Outperform and set a price target of $53.00.
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