Zacks reiterated their neutral rating on shares of Nexen (NYSE: NXY) in a research report sent to investors on Friday morning. The firm currently has a $29.00 price target on the stock.
Zacks’ analyst wrote, “We are maintaining our recommendation on Nexen Inc. at Neutral. Nexen continues to make solid progress in its exploration and production (E&P) portfolio. It has been actively investing in its upstream assets in recent years, significantly improving its long-term production-growth prospect. Further, the proposed transaction with CNOOC has received all required approvals, and the deal is expected to close during the week of Feb 25. However, Nexen’s high debt level with weak cash flow compared to its peers remains a cause of concern. Problems on the execution front in the company’s line-up of long-cycle projects may further pressure valuation.”
Shares of Nexen opened at 27.41 on Friday. Nexen has a one year low of $14.63 and a one year high of $27.45. The stock’s 50-day moving average is currently $27.02. The company has a market cap of $14.527 billion and a P/E ratio of 37.81.
A number of other firms have also recently commented on NXY. Analysts at TheStreet reiterated a hold rating on shares of Nexen in a research note to investors on Monday, February 4th. Separately, analysts at Canaccord Genuity upgraded shares of Nexen from a sell rating to a hold rating in a research note to investors on Tuesday, January 22nd. They now have a $27.50 price target on the stock. Finally, analysts at JPMorgan Chase downgraded shares of Nexen from an overweight rating to a neutral rating in a research note to investors on Tuesday, January 15th.
Eight equities research analysts have rated the stock with a hold rating, and four have assigned a sell rating to the stock. The stock presently has an average rating of underweight and an average target price of $27.37.
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