Wall Street analysts expect that Noble Energy, Inc. (NYSE:NBL) will announce $1.16 billion in sales for the current fiscal quarter, Zacks reports. Ten analysts have provided estimates for Noble Energy’s earnings, with estimates ranging from $1.09 billion to $1.24 billion. Noble Energy reported sales of $960.00 million during the same quarter last year, which would suggest a positive year over year growth rate of 20.8%. The firm is scheduled to announce its next quarterly earnings report before the market opens on Thursday, November 1st.
According to Zacks, analysts expect that Noble Energy will report full year sales of $4.87 billion for the current financial year, with estimates ranging from $4.62 billion to $5.01 billion. For the next year, analysts anticipate that the company will report sales of $5.44 billion, with estimates ranging from $4.99 billion to $5.95 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Noble Energy.
Noble Energy (NYSE:NBL) last issued its quarterly earnings data on Friday, August 3rd. The oil and gas development company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.05). The firm had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.15 billion. Noble Energy had a return on equity of 2.89% and a net margin of 19.01%. The company’s revenue was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.05 EPS.
Several equities research analysts have weighed in on NBL shares. Morgan Stanley cut their target price on Noble Energy from $39.00 to $36.00 and set a “hold” rating for the company in a research note on Thursday, August 16th. KLR Group restated a “buy” rating and set a $61.00 target price on shares of Noble Energy in a research note on Monday, August 20th. TD Securities set a $43.00 target price on Noble Energy and gave the stock a “buy” rating in a research note on Sunday, August 5th. Citigroup lowered their price target on shares of Noble Energy from $44.00 to $42.00 and set a “buy” rating for the company in a report on Monday, August 13th. Finally, Barclays initiated coverage on shares of Noble Energy in a report on Wednesday, August 29th. They set an “underweight” rating and a $33.00 price target for the company. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nineteen have assigned a buy rating to the stock. Noble Energy currently has an average rating of “Buy” and an average target price of $41.88.
In related news, major shareholder Nbl Midstream, Llc sold 14,137,198 shares of the stock in a transaction on Wednesday, September 26th. The stock was sold at an average price of $17.75, for a total value of $250,935,264.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.96% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Park National Corp OH bought a new position in shares of Noble Energy during the 2nd quarter worth about $2,455,000. James Investment Research Inc. bought a new position in Noble Energy in the 2nd quarter valued at about $2,101,000. CIBC World Markets Inc. lifted its position in Noble Energy by 50.0% in the 2nd quarter. CIBC World Markets Inc. now owns 19,206 shares of the oil and gas development company’s stock valued at $678,000 after acquiring an additional 6,404 shares in the last quarter. American Century Companies Inc. lifted its position in Noble Energy by 1.6% in the 2nd quarter. American Century Companies Inc. now owns 7,460,070 shares of the oil and gas development company’s stock valued at $263,191,000 after acquiring an additional 119,166 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Noble Energy by 2.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,265,004 shares of the oil and gas development company’s stock valued at $150,469,000 after acquiring an additional 93,686 shares in the last quarter. 97.68% of the stock is currently owned by institutional investors.
Shares of NBL stock traded up $0.63 during trading on Wednesday, hitting $31.61. The company had a trading volume of 4,937,948 shares, compared to its average volume of 4,586,195. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.58. The stock has a market cap of $15.07 billion, a P/E ratio of 101.97, a price-to-earnings-growth ratio of 3.14 and a beta of 0.96. Noble Energy has a one year low of $24.28 and a one year high of $37.76.
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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