Investors await Newfield Exploration's (NYSE:NFX) Bakken, Eagle Ford Results

Interestingly, Wells Fargo (NYSE:WFC) downgraded Newfield Exploration (NYSE:NFX) even while acknowledging it could be risky before the results from Eagle Ford and Bakken come in.

Wells said, "In 2011, however, we expect shares to take a breather as the share price nears our NAV and investors look to pinpoint exposure to catalyst driven stories. Speaking of catalysts, we recognize the risks to the downgrade ahead of South Alberta Bakken and Eagle Ford results. In the South Alberta Bakken results are not expected until the Q2-Q3 2011 timeframe. In the Eagle Ford, results for the first 13 well batches are expected in Q1 2011, though we include $4.84 per share in our NAV for the Eagle Ford potential. Still a solid company and management team; however, we believe risk/reward favors other names in the current environment."

Wells Fargo downgraded Newfield Exploration from "Outperform" to "Market Perform." Newfield closed Friday at $70.82, down $0.24, or 0.34 percent. Wells has a range of $74 to $78 on the company.