Jefferies Group Analysts Cut Earnings Estimates for Noble Energy Inc. (NBL)
Noble Energy Inc. (NYSE:NBL) – Analysts at Jefferies Group lowered their Q3 2017 earnings estimates for Noble Energy in a research report issued to clients and investors on Monday. Jefferies Group analyst Z. Parham now expects that the oil and gas development company will earn ($0.04) per share for the quarter, down from their previous forecast of $0.03. Jefferies Group has a “Buy” rating and a $40.00 price objective on the stock. Jefferies Group also issued estimates for Noble Energy’s FY2017 earnings at $0.10 EPS and Q1 2018 earnings at $0.13 EPS.
Noble Energy (NYSE:NBL) last posted its earnings results on Thursday, August 3rd. The oil and gas development company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.18. Noble Energy had a positive return on equity of 0.86% and a negative net margin of 46.63%. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. During the same quarter in the prior year, the company earned ($0.24) EPS. Noble Energy’s revenue was up 25.0% on a year-over-year basis.
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A number of other research firms also recently issued reports on NBL. Seaport Global Securities downgraded Noble Energy from a “neutral” rating to a “sell” rating and lowered their price target for the company from $36.00 to $23.00 in a research report on Wednesday, June 21st. Royal Bank Of Canada reissued a “buy” rating and set a $38.00 price target on shares of Noble Energy in a research report on Thursday, July 20th. Scotiabank set a $38.00 price target on Noble Energy and gave the company a “hold” rating in a research report on Thursday, August 3rd. Evercore ISI reissued an “outperform” rating and set a $40.00 price target on shares of Noble Energy in a research report on Tuesday, May 2nd. Finally, BidaskClub downgraded Noble Energy from a “sell” rating to a “strong sell” rating in a research report on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Noble Energy has a consensus rating of “Buy” and a consensus target price of $41.48.
Noble Energy (NYSE NBL) opened at 23.76 on Thursday. Noble Energy has a 1-year low of $23.70 and a 1-year high of $42.03. The company’s 50-day moving average price is $27.42 and its 200 day moving average price is $31.89. The firm’s market cap is $11.21 billion.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Shell Asset Management Co. boosted its position in Noble Energy by 4.4% in the second quarter. Shell Asset Management Co. now owns 108,468 shares of the oil and gas development company’s stock valued at $3,070,000 after buying an additional 4,528 shares during the period. Creative Planning boosted its stake in shares of Noble Energy by 34.1% in the second quarter. Creative Planning now owns 36,377 shares of the oil and gas development company’s stock valued at $1,029,000 after buying an additional 9,247 shares during the last quarter. Cambiar Investors LLC boosted its stake in shares of Noble Energy by 2.8% in the first quarter. Cambiar Investors LLC now owns 1,209,445 shares of the oil and gas development company’s stock valued at $41,532,000 after buying an additional 32,437 shares during the last quarter. Morgan Stanley boosted its stake in shares of Noble Energy by 12.5% in the first quarter. Morgan Stanley now owns 2,704,117 shares of the oil and gas development company’s stock valued at $92,859,000 after buying an additional 301,069 shares during the last quarter. Finally, Bridgewater Associates LP boosted its stake in shares of Noble Energy by 1.3% in the first quarter. Bridgewater Associates LP now owns 107,164 shares of the oil and gas development company’s stock valued at $3,680,000 after buying an additional 1,402 shares during the last quarter. Institutional investors and hedge funds own 86.57% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 21st. Investors of record on Monday, August 7th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.68%. The ex-dividend date is Thursday, August 3rd. Noble Energy’s dividend payout ratio (DPR) is -9.90%.
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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