- Newfield Exploration (NFX +1.4%) is upgraded to Buy from Hold with a $48 price target at Stifel, which believes further successful delineation of the STACK and SCOOP holds the potential to unlock significant value and act as a key catalyst for the shares.
- The firm says that unknowns will be fewer with the release of up to 15 more well results in Q2, and costs, well results and resource potential are all set to improve; in development, NFX expects to save more than $1M per well.
- After completing asset sales last year, along with an equity raise and favorable bond offering in this year's Q1, NFX's balance sheet is in a position of strength and the company has a sizable hedge portfolio protecting near-term cash flows, Stifel says.