Royal Bank of Canada set a $39.00 price target on Noble Energy (NYSE:NBL) in a research report released on Friday. The brokerage currently has a buy rating on the oil and gas development company’s stock.
Other analysts have also recently issued research reports about the stock. Capital One Financial raised shares of Noble Energy from an equal weight rating to an overweight rating in a research note on Wednesday, January 10th. ValuEngine cut shares of Noble Energy from a hold rating to a sell rating in a research note on Friday, February 2nd. Deutsche Bank set a $40.00 price target on shares of Noble Energy and gave the company a buy rating in a research note on Wednesday, February 21st. Stifel Nicolaus set a $45.00 price target on shares of Noble Energy and gave the company a buy rating in a research note on Wednesday, March 28th. Finally, Wolfe Research cut shares of Noble Energy from an outperform rating to a market perform rating in a research note on Tuesday, January 30th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. Noble Energy currently has an average rating of Buy and a consensus price target of $40.90.
Shares of NYSE NBL opened at $32.00 on Friday. Noble Energy has a 12-month low of $22.99 and a 12-month high of $35.51. The stock has a market cap of $15,799.36, a P/E ratio of 103.23 and a beta of 1.04. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.27 and a quick ratio of 1.27.
Noble Energy (NYSE:NBL) last announced its quarterly earnings data on Tuesday, February 20th. The oil and gas development company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.28. Noble Energy had a negative net margin of 26.27% and a positive return on equity of 1.46%. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the company earned $0.26 EPS. Noble Energy’s revenue was up 18.9% compared to the same quarter last year. equities analysts forecast that Noble Energy will post 0.91 earnings per share for the current year.
Noble Energy declared that its Board of Directors has approved a stock repurchase program on Thursday, February 15th that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas development company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
In other news, CFO Kenneth M. Fisher sold 7,621 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $28.80, for a total value of $219,484.80. Following the transaction, the chief financial officer now directly owns 197,144 shares in the company, valued at approximately $5,677,747.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James E. Craddock sold 8,500 shares of the company’s stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $31.35, for a total transaction of $266,475.00. Following the completion of the transaction, the director now owns 93,413 shares in the company, valued at $2,928,497.55. The disclosure for this sale can be found here. Corporate insiders own 1.96% of the company’s stock.
Several hedge funds have recently modified their holdings of NBL. Sawyer & Company Inc acquired a new position in shares of Noble Energy in the 4th quarter worth approximately $169,000. Lourd Capital LLC acquired a new position in shares of Noble Energy in the 4th quarter worth approximately $203,000. Levin Capital Strategies L.P. acquired a new position in shares of Noble Energy in the 4th quarter worth approximately $219,000. FDx Advisors Inc. acquired a new position in shares of Noble Energy in the 4th quarter worth approximately $231,000. Finally, Assetmark Inc. lifted its holdings in shares of Noble Energy by 355.5% in the 4th quarter. Assetmark Inc. now owns 8,558 shares of the oil and gas development company’s stock worth $249,000 after acquiring an additional 6,679 shares during the last quarter. Hedge funds and other institutional investors own 95.65% of the company’s stock.
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About Noble Energy
Noble Energy, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids worldwide. It owns, operates, develops, and acquires domestic midstream infrastructure assets in the DJ and Delaware Basins. It principal projects are primarily located in the US unconventional basins and various global offshore conventional basins.
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