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Newfield Exploration (NFX) Misses on Q2 Earnings & Revenues
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Newfield Exploration Co. reported adjusted second-quarter 2017 earnings of 43 cents per share, missing the Zacks Consensus Estimate of 44 cents. The company had reported adjusted profit of 32 cents per share a year ago.
The company’s total revenue jumped to $402.0 million from $381.0 million in the year-ago period and lagged the Zacks Consensus Estimate of $424.55 million.
Newfield Exploration Company Price, Consensus and EPS Surprise
Total quarterly production of 13.6 million barrels of oil equivalent (MMBoe) was down from 15.3 MMBoe in the year earlier quarter. It comprised 44% oil, 18% natural gas liquids (NGLs) and 38% natural gas.
Natural gas volumes totaled 31.2 billion cubic feet. Oil, condensate and NGLs volumes came in at 8.4 million barrels.
Newfield’s second-quarter oil and natural gas price realizations (including the effect of hedges) averaged $31.11 per barrel of oil equivalent. Natural gas prices were $2.61 per thousand cubic feet, oil prices were $46.81 per barrel and NGLs prices were $24.54 per barrel.
Financials
At the quarter end, Newfield had cash balance of $522.0 million. Long-term debt was $2,432.0 million, which represents a debt-to-capitalization ratio of approximately 66.8%.
Guidance
For 2017, Newfield anticipates output of 149.4–157.8 MBoe. The company projects LOE at $3.76 per Boe. It also expects production and other taxes at $1.05 per Boe. General and administration expenses are estimated at $3.58 per Boe.
Second-Quarter Price Performance
During the April–June quarter of 2017, Newfield’s shares have underperformed the industry. During the aforesaid period, the company’s shares have lost 22.9% compared with the industry’s gain of 2.7%.
Global Partners delivered a positive earnings surprise of 1200.00% in the preceding quarter. The company beat estimates in three of the trailing four quarters with an average positive earnings surprise of 415.30%.
Braskem delivered a positive earnings surprise of 107.79% in the quarter ending September 2016.
TransCanada delivered a negative earnings surprise of 7.58% in the preceding quarter. It surpassed estimates in two of the trailing four quarters with an average positive earnings surprise of 1.06%.
More Stock News: Tech Opportunity Worth $386 Billion in 2017
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Newfield Exploration (NFX) Misses on Q2 Earnings & Revenues
Newfield Exploration Co. reported adjusted second-quarter 2017 earnings of 43 cents per share, missing the Zacks Consensus Estimate of 44 cents. The company had reported adjusted profit of 32 cents per share a year ago.
The company’s total revenue jumped to $402.0 million from $381.0 million in the year-ago period and lagged the Zacks Consensus Estimate of $424.55 million.
Newfield Exploration Company Price, Consensus and EPS Surprise
Newfield Exploration Company Price, Consensus and EPS Surprise | Newfield Exploration Company Quote
Operational Performance
Total quarterly production of 13.6 million barrels of oil equivalent (MMBoe) was down from 15.3 MMBoe in the year earlier quarter. It comprised 44% oil, 18% natural gas liquids (NGLs) and 38% natural gas.
Natural gas volumes totaled 31.2 billion cubic feet. Oil, condensate and NGLs volumes came in at 8.4 million barrels.
Newfield’s second-quarter oil and natural gas price realizations (including the effect of hedges) averaged $31.11 per barrel of oil equivalent. Natural gas prices were $2.61 per thousand cubic feet, oil prices were $46.81 per barrel and NGLs prices were $24.54 per barrel.
Financials
At the quarter end, Newfield had cash balance of $522.0 million. Long-term debt was $2,432.0 million, which represents a debt-to-capitalization ratio of approximately 66.8%.
Guidance
For 2017, Newfield anticipates output of 149.4–157.8 MBoe. The company projects LOE at $3.76 per Boe. It also expects production and other taxes at $1.05 per Boe. General and administration expenses are estimated at $3.58 per Boe.
Second-Quarter Price Performance
During the April–June quarter of 2017, Newfield’s shares have underperformed the industry. During the aforesaid period, the company’s shares have lost 22.9% compared with the industry’s gain of 2.7%.
Zacks Rank and Stocks to Consider
Currently, Newfield carries a Zacks Rank #4 (Sell). Some better-ranked stocks in the same space include Global Partners LP (GLP - Free Report) , Braskem S.A. (BAK - Free Report) and TransCanada Corp (TRP - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Global Partners delivered a positive earnings surprise of 1200.00% in the preceding quarter. The company beat estimates in three of the trailing four quarters with an average positive earnings surprise of 415.30%.
Braskem delivered a positive earnings surprise of 107.79% in the quarter ending September 2016.
TransCanada delivered a negative earnings surprise of 7.58% in the preceding quarter. It surpassed estimates in two of the trailing four quarters with an average positive earnings surprise of 1.06%.
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.
Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>