Noble Energy’s (NBL) Buy Rating Reiterated at Jefferies Group
Noble Energy Inc. (NYSE:NBL)‘s stock had its “buy” rating reaffirmed by Jefferies Group in a research report issued to clients and investors on Wednesday. They presently have a $45.00 target price on the oil and gas development company’s stock. Jefferies Group’s price objective indicates a potential upside of 28.24% from the company’s previous close.
Several other research firms have also recently commented on NBL. JPMorgan Chase & Co. reissued a “buy” rating on shares of Noble Energy in a research note on Monday, July 18th. Credit Agricole SA began coverage on Noble Energy in a research note on Wednesday, June 22nd. They issued an “outperform” rating for the company. Barclays PLC reissued a “buy” rating on shares of Noble Energy in a research note on Sunday, July 17th. Citigroup Inc. raised Noble Energy from a “neutral” rating to a “buy” rating in a research note on Thursday, July 7th. Finally, Deutsche Bank AG reissued a “buy” rating on shares of Noble Energy in a research note on Sunday, July 10th. Three analysts have rated the stock with a sell rating, five have given a hold rating and twenty-three have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $40.53.
Shares of Noble Energy (NYSE:NBL) opened at 35.09 on Wednesday. Noble Energy has a 52 week low of $23.77 and a 52 week high of $39.85. The company has a 50-day moving average price of $34.93 and a 200 day moving average price of $35.20. The stock’s market capitalization is $15.09 billion.
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Noble Energy (NYSE:NBL) last released its earnings results on Wednesday, August 3rd. The oil and gas development company reported ($0.24) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.05. The company earned $847 million during the quarter, compared to analysts’ expectations of $909.36 million. Noble Energy had a negative return on equity of 2.16% and a negative net margin of 90.52%. The business’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same period last year, the firm earned $0.26 EPS. Analysts forecast that Noble Energy will post ($1.06) earnings per share for the current fiscal year.
In other news, Director Thomas J. Edelman sold 12,000 shares of the firm’s stock in a transaction dated Monday, September 26th. The shares were sold at an average price of $33.62, for a total value of $403,440.00. Following the completion of the sale, the director now owns 3,032,978 shares in the company, valued at approximately $101,968,720.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jeffrey L. Berenson sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $34.05, for a total transaction of $340,500.00. Following the completion of the sale, the director now owns 82,269 shares of the company’s stock, valued at approximately $2,801,259.45. The disclosure for this sale can be found here. 2.17% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in NBL. Franklin Resources Inc. raised its stake in Noble Energy by 29.6% in the first quarter. Franklin Resources Inc. now owns 936,399 shares of the oil and gas development company’s stock valued at $29,413,000 after buying an additional 213,975 shares during the period. Bessemer Group Inc. bought a new stake in shares of Noble Energy during the first quarter worth $150,000. M&T Bank Corp raised its stake in shares of Noble Energy by 100.7% in the first quarter. M&T Bank Corp now owns 100,647 shares of the oil and gas development company’s stock worth $3,162,000 after buying an additional 50,503 shares during the last quarter. Aviva PLC raised its stake in shares of Noble Energy by 1.2% in the first quarter. Aviva PLC now owns 298,012 shares of the oil and gas development company’s stock worth $9,360,000 after buying an additional 3,625 shares during the last quarter. Finally, Credit Agricole S A raised its stake in shares of Noble Energy by 0.9% in the first quarter. Credit Agricole S A now owns 149,471 shares of the oil and gas development company’s stock worth $4,695,000 after buying an additional 1,336 shares during the last quarter. Hedge funds and other institutional investors own 93.82% of the company’s stock.
About Noble Energy
Noble Energy, Inc is an independent energy company engaged in crude oil, natural gas and natural gas liquids (NGLs) exploration and production. The Company’s portfolio is diversified between short-term and long-term projects, domestic and international and a balanced production mix among crude oil, natural gas and NGLs.
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