Citigroup Inc. Cuts Noble Energy Inc. (NYSE:NBL) Price Target to $38.00
Noble Energy Inc. (NYSE:NBL) had its target price lowered by stock analysts at Citigroup Inc. from $45.00 to $38.00 in a research note issued on Friday. The brokerage currently has a “buy” rating on the oil and gas development company’s stock. Citigroup Inc.’s target price indicates a potential upside of 33.90% from the company’s current price.
Several other research analysts have also recently commented on NBL. Royal Bank Of Canada reiterated a “buy” rating and set a $38.00 price target on shares of Noble Energy in a report on Thursday. Stifel Nicolaus restated a “buy” rating and set a $39.00 price objective on shares of Noble Energy in a research report on Friday, July 14th. Cowen and Company set a $35.00 price objective on shares of Noble Energy and gave the stock a “buy” rating in a research report on Tuesday. Evercore ISI restated an “outperform” rating and set a $40.00 price objective on shares of Noble Energy in a research report on Tuesday, May 2nd. Finally, Piper Jaffray Companies restated a “buy” rating and set a $47.00 price objective on shares of Noble Energy in a research report on Tuesday, May 23rd. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $42.11.
Noble Energy (NBL) traded down 1.22% during midday trading on Friday, reaching $28.38. 3,760,435 shares of the company were exchanged. The company’s market capitalization is $12.23 billion. Noble Energy has a 52 week low of $26.56 and a 52 week high of $42.03. The firm has a 50-day moving average price of $28.53 and a 200-day moving average price of $33.51.
Noble Energy (NYSE:NBL) last posted its quarterly earnings results on Monday, May 1st. The oil and gas development company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.09. Noble Energy had a negative net margin of 17.75% and a negative return on equity of 0.44%. The company had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $974.54 million. During the same quarter in the previous year, the business posted ($0.53) EPS. The firm’s revenue was up 43.1% on a year-over-year basis. Equities research analysts anticipate that Noble Energy will post ($0.19) earnings per share for the current fiscal year.
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A number of large investors have recently modified their holdings of NBL. Fifth Third Bancorp boosted its stake in shares of Noble Energy by 5.5% in the first quarter. Fifth Third Bancorp now owns 2,913 shares of the oil and gas development company’s stock worth $100,000 after buying an additional 153 shares during the last quarter. Private Advisor Group LLC acquired a new stake in shares of Noble Energy during the first quarter worth approximately $132,000. Harbour Capital Advisors LLC acquired a new stake in shares of Noble Energy during the first quarter worth approximately $136,000. Global X Management Co. LLC boosted its stake in shares of Noble Energy by 30.1% in the first quarter. Global X Management Co. LLC now owns 5,702 shares of the oil and gas development company’s stock worth $196,000 after buying an additional 1,319 shares during the last quarter. Finally, Highbridge Capital Management LLC acquired a new stake in shares of Noble Energy during the first quarter worth approximately $201,000. 96.84% of the stock is currently owned by hedge funds and other institutional investors.
About Noble Energy
Noble Energy, Inc is an independent energy company. The Company is engaged in crude oil, natural gas and natural gas and natural gas liquids (NGLs) exploration, development, production and acquisition. The Company’s segments include: United States, including the onshore DJ Basin, Permian Basin, Eagle Ford Shale, Marcellus Shale and offshore deepwater Gulf of Mexico, as well as the consolidated accounts of Noble Midstream Partners LP (Noble Midstream Partners); Eastern Mediterranean, including offshore Israel and Cyprus; West Africa, including offshore Equatorial Guinea, Cameroon and Gabon, and Other International and Corporate, including new ventures, such as offshore the Falkland Islands, Suriname and Newfoundland.
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