Noble Midstream Partners (NBLX) Sees Strong Trading Volume After Analyst Upgrade

Noble Midstream Partners LP (NYSE:NBLX) shares saw unusually-strong trading volume on Wednesday after Bank of America raised their price target on the stock from $49.00 to $58.00. Bank of America currently has a buy rating on the stock. Approximately 895,457 shares were traded during mid-day trading, an increase of 418% from the previous session’s volume of 172,765 shares.The stock last traded at $41.76 and had previously closed at $35.60.

Other equities analysts also recently issued reports about the stock. Zacks Investment Research downgraded shares of Noble Midstream Partners from a “hold” rating to a “sell” rating in a report on Friday, November 2nd. Barclays cut their price objective on shares of Noble Midstream Partners from $59.00 to $56.00 and set an “overweight” rating on the stock in a report on Friday, October 12th. Credit Suisse Group started coverage on shares of Noble Midstream Partners in a report on Thursday, October 11th. They set an “outperform” rating and a $47.00 price objective on the stock. ValuEngine downgraded shares of Noble Midstream Partners from a “hold” rating to a “sell” rating in a report on Monday, August 13th. Finally, Mitsubishi UFJ Financial Group cut their price objective on shares of Noble Midstream Partners to $57.00 and set an “overweight” rating on the stock in a report on Friday, November 2nd. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company’s stock. Noble Midstream Partners presently has a consensus rating of “Buy” and an average price target of $56.63.

Several large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its holdings in shares of Noble Midstream Partners by 5.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 461,260 shares of the energy company’s stock worth $16,333,000 after buying an additional 21,938 shares during the last quarter. Fort Washington Investment Advisors Inc. OH purchased a new position in shares of Noble Midstream Partners in the 3rd quarter worth about $1,593,000. SG Americas Securities LLC purchased a new position in shares of Noble Midstream Partners in the 3rd quarter worth about $2,191,000. Cannell Peter B & Co. Inc. boosted its holdings in shares of Noble Midstream Partners by 8.7% in the 3rd quarter. Cannell Peter B & Co. Inc. now owns 942,075 shares of the energy company’s stock worth $33,359,000 after buying an additional 75,490 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in shares of Noble Midstream Partners by 2.2% in the 3rd quarter. Wells Fargo & Company MN now owns 369,157 shares of the energy company’s stock worth $13,073,000 after buying an additional 7,977 shares during the last quarter. 56.37% of the stock is currently owned by institutional investors.

The company has a current ratio of 0.68, a quick ratio of 0.66 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of 10.19, a PEG ratio of 0.61 and a beta of 1.28.

Noble Midstream Partners (NYSE:NBLX) last issued its quarterly earnings results on Thursday, November 1st. The energy company reported $1.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.09. The company had revenue of $139.16 million for the quarter, compared to the consensus estimate of $119.25 million. Noble Midstream Partners had a net margin of 38.18% and a return on equity of 15.89%. On average, analysts anticipate that Noble Midstream Partners LP will post 3.99 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 13th. Investors of record on Monday, November 5th will be issued a $0.5597 dividend. This is an increase from Noble Midstream Partners’s previous quarterly dividend of $0.53. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.36%. The ex-dividend date of this dividend is Friday, November 2nd. Noble Midstream Partners’s payout ratio is 54.63%.

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Noble Midstream Partners Company Profile (NYSE:NBLX)

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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