Zacks Investment Research Downgrades Noble Midstream Partners (NBLX) to Sell

Zacks Investment Research downgraded shares of Noble Midstream Partners (NYSE:NBLX) from a hold rating to a sell rating in a research report report published on Friday morning.

According to Zacks, “Noble Midstream Partners LP is engaged in crude oil and natural gas exploration and production. Its operating area includes onshore which consists of US DJ Basin, Marcellus Shale, Eagle Ford Shale and Permian Basin as well as offshore in deepwater Gulf of Mexico, Eastern Mediterranean and West Africa. Noble Midstream Partners LP is based in Houston, United States. “

Other equities research analysts also recently issued research reports about the company. Robert W. Baird set a $59.00 target price on Noble Midstream Partners and gave the company a buy rating in a report on Friday, August 10th. Citigroup raised their target price on Noble Midstream Partners from $56.00 to $64.00 and gave the company a buy rating in a report on Tuesday, July 31st. Bank of America reduced their target price on Noble Midstream Partners from $59.00 to $49.00 and set a buy rating on the stock in a report on Monday, October 1st. Wells Fargo & Co downgraded Noble Midstream Partners from an outperform rating to a market perform rating in a report on Monday, September 24th. Finally, Credit Suisse Group started coverage on Noble Midstream Partners in a report on Thursday, October 11th. They set an outperform rating and a $47.00 price objective on the stock. Two analysts have rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $55.50.

Shares of NBLX stock opened at $34.49 on Friday. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of 8.41, a price-to-earnings-growth ratio of 0.61 and a beta of 1.28. Noble Midstream Partners has a fifty-two week low of $33.17 and a fifty-two week high of $57.98. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.66 and a current ratio of 0.68.

Noble Midstream Partners (NYSE:NBLX) last issued its earnings results on Thursday, November 1st. The energy company reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.09. The firm had revenue of $139.16 million for the quarter, compared to the consensus estimate of $119.25 million. Noble Midstream Partners had a return on equity of 15.89% and a net margin of 38.18%. On average, analysts forecast that Noble Midstream Partners will post 3.97 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 13th. Investors of record on Monday, November 5th will be issued a dividend of $0.5597 per share. This is an increase from Noble Midstream Partners’s previous quarterly dividend of $0.53. The ex-dividend date is Friday, November 2nd. This represents a $2.24 annualized dividend and a dividend yield of 6.49%. Noble Midstream Partners’s dividend payout ratio (DPR) is 54.63%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cannell Peter B & Co. Inc. raised its position in Noble Midstream Partners by 8.7% during the 3rd quarter. Cannell Peter B & Co. Inc. now owns 942,075 shares of the energy company’s stock worth $33,359,000 after purchasing an additional 75,490 shares during the last quarter. Wells Fargo & Company MN raised its position in Noble Midstream Partners by 2.2% during the 3rd quarter. Wells Fargo & Company MN now owns 369,157 shares of the energy company’s stock worth $13,073,000 after purchasing an additional 7,977 shares during the last quarter. Alps Advisors Inc. raised its position in Noble Midstream Partners by 87.1% during the 3rd quarter. Alps Advisors Inc. now owns 17,437 shares of the energy company’s stock worth $617,000 after purchasing an additional 8,115 shares during the last quarter. Duff & Phelps Investment Management Co. raised its position in Noble Midstream Partners by 54.0% during the 3rd quarter. Duff & Phelps Investment Management Co. now owns 178,794 shares of the energy company’s stock worth $6,331,000 after purchasing an additional 62,700 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Noble Midstream Partners by 31.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,155 shares of the energy company’s stock worth $314,000 after purchasing an additional 1,462 shares during the last quarter. 56.37% of the stock is currently owned by institutional investors.

About Noble Midstream Partners

Noble Midstream Partners LP owns, operates, develops, and acquires midstream infrastructure assets in the United States. The company provides crude oil, natural gas, and water-related midstream services. The company operates in the Denver-Julesburg Basin in Colorado and the Delaware Basin in Texas. The company was founded in 2014 and is based in Houston, Texas.

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