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Fly News Breaks for February 26, 2016
NFX
Feb 26, 2016 | 06:48 EDT
SunTrust analyst Will Derrick upgraded Newfield Exploration to Buy saying the company has addressed financial concerns with the $800M equity offering and reducing activity to approximately 5 Mid-Con rigs in 2016 from 11 rigs in Q4. Derrick said Newfield trades at 5.2x 2017 EBITDA versus 6.9x for its closest peer group and sees incremental upside in the STACK from positive indications of tighter well spacing and staggered in the interval. The analyst maintained his $33 price target on Newfield shares.
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