Noble Energy Sees Unusually Large Options Volume (NYSE:NBL)

Noble Energy, Inc. (NYSE:NBL) saw unusually large options trading on Wednesday. Stock traders acquired 5,322 call options on the company. This represents an increase of approximately 170% compared to the average daily volume of 1,971 call options.

NBL has been the subject of a number of recent research reports. Wells Fargo & Co dropped their target price on Noble Energy from $19.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, March 19th. Piper Sandler downgraded Noble Energy from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $30.00 to $7.00 in a research report on Tuesday. MKM Partners dropped their target price on Noble Energy from $28.00 to $26.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Cfra dropped their target price on Noble Energy from $24.00 to $23.00 and set a “buy” rating for the company in a research report on Thursday, February 13th. Finally, US Capital Advisors restated a “buy” rating on shares of Noble Energy in a research report on Monday, February 24th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $23.33.

In other news, COO Brent J. Smolik bought 38,000 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The stock was bought at an average price of $4.31 per share, for a total transaction of $163,780.00. Following the transaction, the chief operating officer now directly owns 285,018 shares of the company’s stock, valued at approximately $1,228,427.58. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Rachel G. Clingman bought 17,793 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The stock was purchased at an average price of $3.02 per share, with a total value of $53,734.86. Following the transaction, the senior vice president now directly owns 85,457 shares in the company, valued at $258,080.14. The disclosure for this purchase can be found here. Insiders purchased a total of 107,143 shares of company stock valued at $543,966 in the last 90 days. 1.81% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Amundi Pioneer Asset Management Inc. grew its stake in Noble Energy by 29.0% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 1,060,837 shares of the oil and gas development company’s stock worth $26,352,000 after purchasing an additional 238,514 shares during the period. American Assets Investment Management LLC grew its stake in Noble Energy by 54.0% in the fourth quarter. American Assets Investment Management LLC now owns 77,000 shares of the oil and gas development company’s stock worth $1,913,000 after purchasing an additional 27,000 shares during the period. Pictet Asset Management Ltd. grew its stake in Noble Energy by 3.4% in the third quarter. Pictet Asset Management Ltd. now owns 243,373 shares of the oil and gas development company’s stock worth $5,466,000 after purchasing an additional 7,900 shares during the period. Waratah Capital Advisors Ltd. purchased a new stake in shares of Noble Energy in the third quarter worth $9,646,000. Finally, National Pension Service grew its stake in shares of Noble Energy by 5.5% in the third quarter. National Pension Service now owns 645,232 shares of the oil and gas development company’s stock worth $14,492,000 after acquiring an additional 33,688 shares during the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

NBL opened at $6.21 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.55 and a current ratio of 0.55. Noble Energy has a 52-week low of $2.73 and a 52-week high of $28.40. The stock has a market capitalization of $2.96 billion, a PE ratio of 6.90 and a beta of 1.43. The stock’s 50 day moving average price is $13.25 and its 200-day moving average price is $19.72.

Noble Energy (NYSE:NBL) last posted its earnings results on Wednesday, February 12th. The oil and gas development company reported ($0.05) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.03. Noble Energy had a negative return on equity of 0.82% and a negative net margin of 25.33%. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the previous year, the firm earned $0.12 earnings per share. The business’s revenue was down 1.9% compared to the same quarter last year. Research analysts forecast that Noble Energy will post -0.41 EPS for the current fiscal year.

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. The company owns, operates, develops, and acquires domestic midstream infrastructure assets in the DJ and Delaware Basins.

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