Wells Fargo (NYSE:WFC) announced that it has upgraded Newfield Exploration (NYSE: NFX) from Market Perform to Outperform, and increased its target range from $35-$40 to $56-$60.
According to Wells Fargo, it's decision was based on Newfield's exploration potential, discount of valuation, operational catalysts and growing focus on oil.
Especially noted by Wells Fargo was Newfield's Monument Butte & Bakken programs which are the chief area where it's exposure to oil is located.
Natural gas also continues to play a major part in its valuations, as it accounts for 54 percent of Newfield's portfolio, while crude stands at 46 percent.
It was also felt by Wells Fargo that the Monument Butte asset in the Uinta Basin held by Newfiled Exploration is highly undervalued by the street, another significant factor in its upgrade of the company stock.
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