Newfield Exploration +2.3% as target raised to $60 from $50 at FBR

|About: Newfield Exploration Co. (NFX)|By:, SA News Editor

Newfield Exploration's (NFX +2.3%) price target is raised to $60 from $50 at FBR Capital, which continues to expect certain operating milestones by year-end could have a material re-rating impact.

In the SCOOP, FBR believes recent well results are due to structural reasons and thus sustainable and with implications for growth rates and 3P NAV.

In the STACK, FBR says the marketplace does not appreciate that production and log data from 3K vertical wells form the basis of resource potential and hence are of much lower risk despite only a few horizontal wells drilled into it to date.