BB&T Corp reduced its position in shares of Newfield Exploration Co. (NYSE:NFX) by 7.6% during the second quarter, Holdings Channel reports. The fund owned 331,346 shares of the energy company’s stock after selling 27,088 shares during the period. BB&T Corp’s holdings in Newfield Exploration were worth $14,638,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. ING Groep NV purchased a new position in shares of Newfield Exploration during the second quarter worth $219,000. Daiwa Securities Group Inc. bought a new position in shares of Newfield Exploration during the second quarter worth approximately $221,000. Acadian Asset Management LLC boosted its position in shares of Newfield Exploration by 3,279.3% in the second quarter. Acadian Asset Management LLC now owns 5,069 shares of the energy company’s stock worth $224,000 after buying an additional 4,919 shares in the last quarter. Conning Inc. bought a new position in shares of Newfield Exploration during the second quarter worth approximately $229,000. Finally, Nordea Investment Management AB boosted its position in shares of Newfield Exploration by 138.0% in the second quarter. Nordea Investment Management AB now owns 6,946 shares of the energy company’s stock worth $307,000 after buying an additional 4,027 shares in the last quarter. Hedge funds and other institutional investors own 99.63% of the company’s stock.
Shares of Newfield Exploration Co. (NYSE:NFX) traded up 4.479% during midday trading on Wednesday, hitting $44.435. The stock had a trading volume of 1,415,548 shares. The stock has a 50-day moving average of $42.99 and a 200 day moving average of $41.33. Newfield Exploration Co. has a 52 week low of $20.84 and a 52 week high of $47.56. The stock’s market cap is $8.74 billion.
Newfield Exploration (NYSE:NFX) last posted its quarterly earnings results on Tuesday, August 2nd. The energy company reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.24. Newfield Exploration had a negative net margin of 226.57% and a positive return on equity of 9.07%. The firm earned $381 million during the quarter, compared to analyst estimates of $379.74 million. During the same quarter in the prior year, the business posted $0.46 earnings per share. The company’s quarterly revenue was down 18.8% compared to the same quarter last year. Analysts anticipate that Newfield Exploration Co. will post $0.76 EPS for the current fiscal year.
A number of research analysts have commented on NFX shares. Barclays PLC boosted their price objective on Newfield Exploration from $28.00 to $35.00 and gave the stock an “overweight” rating in a research note on Friday, June 24th. Simmons boosted their price objective on Newfield Exploration from $50.00 to $54.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 6th. Howard Weil boosted their price objective on Newfield Exploration from $47.00 to $51.00 and gave the stock a “sector outperform” rating in a research note on Thursday, June 23rd. Scotiabank restated a “sector outperform” rating and set a $51.00 price objective (up previously from $47.00) on shares of Newfield Exploration in a research note on Saturday, June 25th. Finally, Canaccord Genuity started coverage on Newfield Exploration in a research note on Wednesday, June 29th. They set a “buy” rating and a $48.00 price objective on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $47.43.
In other news, Director Pamela J. Gardner sold 10,685 shares of the firm’s stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $46.22, for a total transaction of $493,860.70. Following the completion of the sale, the director now owns 43,749 shares of the company’s stock, valued at $2,022,078.78. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Juanita F. Romans sold 2,015 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $46.04, for a total transaction of $92,770.60. Following the sale, the director now directly owns 36,810 shares of the company’s stock, valued at approximately $1,694,732.40. The disclosure for this sale can be found here. Insiders own 0.44% of the company’s stock.
About Newfield Exploration
Newfield Exploration Company is an independent energy company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids (NGLs). The Company’s operations are focused primarily on large scale, onshore liquids-rich resource plays in the United States. Its segments are the United States and China.
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