Credit Suisse Assumes Newfield Exploration (NFX) at Outperform

Credit Suisse assumes coverage on Newfield Exploration (NYSE: NFX) with a Outperform rating and a price target of $47.00.

Analyst Nitin Kumar sees the company as a pure play on STACK and says wells responding to enhanced completions.

"The STACK tops the list of rate of change stories in U.S. shale and as the pioneer of the formation NFX is at the forefront of unlocking its potential. In terms of potential catalysts that can drive resource estimates higher – increased well productivity, capital efficiencies from transitioning to development mode, and higher inventory from down spacing –the STACK competes with the Permian in its potential, albeit at a smaller scale. Newfield offers one of the cleanest ways to play this resource upside especially among SMID Cap peers."

For an analyst ratings summary and ratings history on Newfield Exploration click here. For more ratings news on Newfield Exploration click here.

Shares of Newfield Exploration closed at $32.48 yesterday.

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