The S&P 500 was up 13.38 points, or 0.98%, to 1,382.95.
Shares of Newfield Exploration rose 6% Tuesday morning to $34.26. The energy company was upgraded to buy from hold by Jefferies analysts on Tuesday. The analysts have a $46 price target on the stock.
Newfield Exploration hit a 52-week low on April 12 of $32.25. The stock's 52-week high of $75.40 was set on May 20.Newfield Exploration has an estimated price-to-earnings ratio for next year of 9.14 times; the average for exploration and production companies is 46.08. For comparison, Linn Energy (LINE) has a higher forward P/E of 16.58. Sixteen of the 29 analysts who cover Newfield Exploration rated it buy. Twelve analysts gave the stock a hold rating and one rated it sell. The stock has fallen 9.2% year to date.
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