Newfield Exploration (NFX)

[dan_s]

Cantor Fitzgerald raised their price target on NFX to $44 from $39 this morning. My valuation is $54.50. NFX is one of my Top Picks in the STACK play and this week MRO gave us a big confirmation of how valuable the Oklahoma oil play really is.

The firm retains a "BUY" rating for Newfield Exploration, an independent energy company producing oil and gas based in The Woodlands, TX. This comes after an operations update from the company yesterday with positive results from recent STACK wells and increased production guidance for the second quarter and fiscal year 2016. "We believe the continued out-performance highlights the quality of NFX's acreage in the Anadarko Basin and opportunity set ahead," Cantor Fitzgerald added.

According to the firm, the Anadarko region "continues to shine" in the oil and gas sector and Newfield Exploration's acreage within that region is of great quality.

[dan_s]

NFX increased second quarter and full-year production guidance
Continued strong well performance and cost efficiency gains in STACK
More than 95% of legacy STACK acreage now production-delineated

I am updating my NFX forecast model based on their new guidance and should have it posted to the EPG website this afternoon.