Newfield Exploration Shares Tumble 15% on Q3 Earnings Miss, Production Drop


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Shares of Newfield Exploration Co ( NFX ) are down 16.4% to $27.86 after the oil and gas company reported Q 3 2012 adjusted earnings, excluding items, for the quarter of $65 million or $0.48 per share.

The Capital IQ analyst consensus anticipated EPS of $0.51. Revenues for the period were $615 million, in-line with the Street view. In the wake of the earnings miss and share price drop, Forbes reported that NFX shares crossed below their last reported book value -- defined as common shareholder equity per share -- of $31.05.

Adding insult to injury, Bloomberg News reported that NFX shares fell the most in more than eight months after saying international production may plunge as much as 25% next year

Shares have traded in a day range of $27.82 -$34.14, and a 52-week range of $25.01 - $47.40.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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