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

By Staff,

Shutterstock photo

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.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: NFX

More from MT Newswires


MT Newswires

MT Newswires

Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by