Shares of Noble Energy, Inc. (NYSE:NBL) rose 5.6% on Thursday following a better than expected earnings announcement. The stock traded as high as $26.40 and last traded at $26.23. Approximately 9,839,690 shares changed hands during trading, an increase of 108% from the average daily volume of 4,731,354 shares. The stock had previously closed at $24.85.
The oil and gas development company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.18 by $0.09. Noble Energy had a net margin of 19.01% and a return on equity of 2.89%. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the previous year, the company posted ($0.02) EPS. Noble Energy’s revenue was up 32.6% on a year-over-year basis.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 19th. Stockholders of record on Monday, November 5th will be issued a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Friday, November 2nd. Noble Energy’s dividend payout ratio is currently 141.94%.
NBL has been the topic of several research analyst reports. Bank of America initiated coverage on shares of Noble Energy in a report on Tuesday, July 10th. They set a “buy” rating and a $59.00 price target on the stock. Morgan Stanley initiated coverage on shares of Noble Energy in a report on Thursday, July 12th. They set an “equal weight” rating and a $39.00 price target on the stock. Mitsubishi UFJ Financial Group boosted their price target on shares of Noble Energy to $52.00 and gave the company an “overweight” rating in a report on Thursday, July 19th. Mizuho initiated coverage on shares of Noble Energy in a report on Monday, July 23rd. They set a “buy” rating and a $51.00 price target on the stock. Finally, Royal Bank of Canada restated a “buy” rating and set a $44.00 price target on shares of Noble Energy in a report on Friday, August 3rd. One analyst has rated the stock with a sell rating, ten have issued a hold rating and nineteen have given a buy rating to the stock. Noble Energy presently has a consensus rating of “Buy” and an average price target of $41.96.
In related news, major shareholder Nbl Midstream, Llc sold 14,137,198 shares of the company’s stock in a transaction on Wednesday, September 26th. The shares were sold at an average price of $17.75, for a total value of $250,935,264.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.96% of the company’s stock.
Large investors have recently modified their holdings of the stock. State of Alaska Department of Revenue boosted its holdings in Noble Energy by 4.5% during the third quarter. State of Alaska Department of Revenue now owns 112,759 shares of the oil and gas development company’s stock valued at $3,515,000 after acquiring an additional 4,867 shares during the period. James Investment Research Inc. acquired a new position in shares of Noble Energy during the second quarter valued at about $2,101,000. American Century Companies Inc. raised its position in shares of Noble Energy by 1.6% during the second 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 buying an additional 119,166 shares during the last quarter. Putnam Investments LLC raised its position in shares of Noble Energy by 28.1% during the second quarter. Putnam Investments LLC now owns 151,413 shares of the oil and gas development company’s stock valued at $5,342,000 after buying an additional 33,248 shares during the last quarter. Finally, CIBC World Markets Inc. raised its position in shares of Noble Energy by 50.0% during the second quarter. CIBC World Markets Inc. now owns 19,206 shares of the oil and gas development company’s stock valued at $678,000 after buying an additional 6,404 shares during the last quarter. Hedge funds and other institutional investors own 97.32% of the company’s stock.
The stock has a market cap of $11.97 billion, a P/E ratio of 84.97, a PEG ratio of 2.61 and a beta of 0.97. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.58.
About Noble Energy (NYSE:NBL)
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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