UPDATE: Citi Lowering Price Target on Newfield Exploration

Citi Investment Research is out with a research report on Newfield Exploration Co. (NYSE: NFX) and it has a Buy rating and a $48 price target to $56.

In a note to clients, Citi Investment Research writes, "– Due primarily to delayed completions and reduction in drilling activity in the face of rising oil field services costs, Newfield lowered 2011 production guidance to 300-304 Bcfe from 312-316 Bcfe – 9 Bcfe due to intentional delayed completions and reduced drilling, 2 Bcfe for asset sales and 1 Bcfe for Gulf of Mexico weather disruptions. We have lowered our 2011 forecast to 301 Bcfe from 312 Bcfe. Also due to rising oil field services costs, full-year LOE guidance was boosted by roughly 8%."

Shares of NFX lost $6.24 yesterday to close at $35.81.