Newfield Exploration (NFX) Stock Price Target Increased at Nomura

Newfield Exploration's (NFX) price target was raised this morning at Nomura as a result of an increase in productivity at the oil and gas company.
By Natalie Walters ,

NEW YORK (TheStreet) -- Shares of Newfield Exploration (NFX) are down 1.64% to $43.15 in late-afternoon trading as the company's price target was raised this morning to $47 from $43 with a "buy" rating at Nomura

The price increase is based on signs of "improved productivity" at the Houston-based oil and gas company, according to an analyst note. Newfield recently upgraded its production guidance to reflect the productivity growth in STACK and the production growth at its Pearl facility in China, Nomura noted.

In addition, the company has lowered its costs and moved the start date up for part of the STACK play to 2017. 

The firm also noted recent conversation comments from Newfield management about "step changes" for the future, as well as being at the start of "landing zone targeting."

WTI crude is decreasing 4.69% to $46.69 per barrel on the New York Mercantile Exchange, while Brent crude is decreasing 4.19% to $48 per barrel on the Intercontinental Exchange this afternoon.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate NEWFIELD EXPLORATION CO as a Sell with a ratings score of D. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow, generally high debt management risk and feeble growth in its earnings per share.

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