In a report released today, Devin McDermott from Morgan Stanley maintained a Hold rating on Newfield (NYSE: NFX), with a price target of $33. The company’s shares closed yesterday at $29.25.
According to TipRanks.com, McDermott is a 3-star analyst with an average return of 6.0% and a 58.8% success rate. McDermott covers the Basic Materials sector, focusing on stocks such as Occidental Petroleum, Anadarko Petroleum, and Devon Energy Corp.
Currently, the analyst consensus on Newfield is a Moderate Buy with an average price target of $36.78.
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Based on Newfield’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $679 million and net profit of $119 million. In comparison, last year the company earned revenue of $402 million and had a net profit of $98 million.
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Newfield Exploration Co. is an independent oil and gas company. It engages in the exploration, development, and production of crude oil, natural gas, and natural gas liquids. It operates through the United States and China geographical segments. The company was founded by Joe B. Foster in 1988 and is headquartered in The Woodlands, TX.
