Can Newfield Exploration (NFX) Surprise In Q2 Earnings?
Zacks Investment Research | Jul 28, 2016 06:27AM ET
Newfield Exploration Company (NYSE:NFX) is set to report second-quarter 2016 results on Aug 2.
The company reported stable results in the trailing four quarters, beating the Zacks Consensus in each, with a positive average surprise of 772.27%. In the last reported quarter, Newfield Exploration’s loss per share of 9 cents came narrower than the Zacks Consensus Estimate of 10 cents loss per share. Let’s see how things are shaping up for this announcement.
Factors to Consider
Woodlands, TX based Newfield Exploration is an independent energy company engaged in the exploration and production (E&P) of crude oil and natural gas.
Almost throughout second-quarter 2016, oil price improved significantly from mid-February when West Texas Intermediate (WTI) crude fell to a 12-year low mark of $26.05 per barrel. Moreover, last month, oil prices settled above the psychologically important $50 per barrel level for the first time in more than 10 months. Yet, prices are still weak and predictably, Newfield Exploration was able to extract less value for its products. This is sure to put pressure on the company’s second-quarter profit margins.
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