Newfield Exploration Co. (NFX) saw a big move last session, as the company’s shares fell by nearly 6% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This continues the recent downtrend for NFX, as the stock is now down 31.7% in the past one-month time frame.
This slump shouldn’t be too much of a surprise to investors, as Newfield Exploration has seen 4 negative revisions in the past few weeks and its current year earnings consensus has moved lower over the last 30 days. This suggests there may be more trouble down the road. So make sure to keep an eye on this stock going forward to see if this recent slump will continue, as the earnings picture definitely suggests that this might be the case.
NFX currently has a Zacks Rank #3 (Hold) while its Earnings ESP is negative.
Investors interested in the U.S. Oil Exploration and Production industry may consider better-ranked stocks like Cobalt International Energy, Inc. (CIE), World Point Terminals, LP (WPT) and Abraxas Petroleum Corp. (AXAS). While both Cobalt International Energy and World Point Terminals carry a Zacks Rank #1 (Strong Buy), Abraxas Petroleum holds a Zacks Rank #2 (Buy).
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