Scotiabank analyst Joseph Bachmann maintained a Buy rating on Newfield (NYSE: NFX) yesterday and set a price target of $47. The company’s shares closed yesterday at $34.59, close to its 52-week low of $33.
According to TipRanks.com, Bachmann is a 1-star analyst with an average return of -3.6% and a 43.1% success rate. Bachmann covers the Basic Materials sector, focusing on stocks such as Evolution Petroleum Corp, Approach Resources Inc, and Jagged Peak Energy Inc.
Currently, the analyst consensus on Newfield is Strong Buy and the average price target is $47.64, representing a 37.7% upside.
In a report issued on May 15, Piper Jaffray also initiated coverage with a Buy rating on the stock with a $55 price target.
Based on Newfield’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $411 million and quarterly net profit of $147 million. In comparison, last year the company earned revenue of $284 million and had a GAAP net loss of $624 million.
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Newfield Exploration Co. is an independent oil and gas exploration and production 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.