Analysts at Deutsche Bank reiterate Buy rating on the shares of Newfield Exploration Co. (NYSE: NFX) with a price target of $58. They state that following a fiscal 2011 third quarter characterized by a lack of execution in the Bakken and a trim to FY 2012 forecasts, expectations seem low.
DB analysts state before 2011 ends, they expect an update on Uinta takeaway, which will provide visibility on a production ramp for FY2013. They believe that Newfield Exploration can grow production 5 percent to 8 percent in 2012 versus current consensus of 9 percent. While gas volumes are likely to decline and NFX will embark on asset sales, oil volumes in bridge assets such as offshore Malaysia and the Bakken, as well as rising momentum from the Eagle Ford and Uinta, should fill the gap. Execution in FY2012 should lead to robust growth in 2013, when the Uinta should drive clear capital efficiencies. They also expect NFX and competitors to provide updates on the Uinta play and the deep Wasatch, potential horizontal results may be at hand in coming months.
On a year-to-date basis, Newfield Exploration has a share performance of -43.32 percent, and as compared to Standard & Poor's, it has an YTD share performance of -41.37 percent.
Newfield Exploration is an independent oil and gas company, engages in the acquisition, exploration, and development of oil and gas properties primarily in the U.S. It has a market capitalization of $5.50 billion with a P/E ratio of 9.730. It has more than 134 million outstanding shares.
Shares of NFX fell 0.83 percent, or $0.34, to trade at $40.44.
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