NEW YORK (TheStreet) -- Newfield Exploration
(NFX - Get Report) stock is gaining on Wednesday after the company beat analysts' estimates on the top- and bottom-line in its first quarter.
By midafternoon, shares had added 5% to $33.85.
The Texas-based oiler reported adjusted net income of 44 cents a share over the three months to March, 4 cents higher than analysts surveyed by Thomson Reuters had forecast. Revenue soared 49.5% year over year to $553 million, higher than expectations of $515.7 million.
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TheStreet Ratings team rates NEWFIELD EXPLORATION CO as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate NEWFIELD EXPLORATION CO (NFX) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet."
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