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Downgrade Alert for Newfield Exploration (NFX)

By David Diaz

Newfield Exploration (NYSE:NFX) was downgraded from Buy to Accumulate at KLR Group today. The stock closed yesterday at $39.20 on volume of 4.2 million shares, above average daily volume of 3.4 million.

Newfield Exploration has overhead space with shares priced $39.20, or 13.8% below the average consensus analyst price target of $45.50. The stock should find initial support at its 200-day moving average (MA) of $33.23 and further support at its 50-day MA of $33.10.

Newfield Exploration Company is an independent oil and gas company which explores, develops, and acquires oil and natural gas properties. The Company operates in the Gulf of Mexico, in the onshore United States Gulf Coast, within the North Sea, within Malaysia, and in the Bohai Bay in China.

In the past 52 weeks, Newfield Exploration share prices have been bracketed by a low of $20.84 and a high of $41.34 and closed yesterday at $39.20, 88% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.1% while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Newfield Exploration on February 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $26.80. Since that recommendation, shares of Newfield Exploration have risen 44.0%. We continue to monitor NFX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Newfield Exploration

Ticker(s): NFX