Newfield Exploration (NFX) price target was raised July 5 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."
NFX Price Target Raised
NFX Price Target Raised
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group