Newfield Exploration (NYSE:NFX) Production Growth at 10 Percent for Years

After meeting with Newfield Exploration's (NYSE:NFX) COO, FBR Capital said they're confident the company will be able to generate 10 percent production growth over the next 5 years and more.

"Last night, we hosted a dinner with Newfield's COO and clients in New York City. We walked away comfortable with the company’s ability to continue to execute and deliver predictable 10% or so production growth over the next five plus years. We note that if the Eagle Ford and Alberta Basin Bakken appraisal drilling ongoing are successful, growth rate could increase materially to 25% through 2015. We are of the opinion that at these levels, the stock price does not reflect material NAV revaluation potential imbedded within the company’s Eagle Ford and Southern Alberta Basin Bakken acreage positions," FBR said.

Newfield is trading at $65.93, gaining $1.71, or 2.66 percent. at 11:49 AM EST. FBR raised their price target on Newfield from $72 to $85.