Noble Energy (NYSE:NBL) Shares Gap Down on Analyst Downgrade

Shares of Noble Energy, Inc. (NYSE:NBL) gapped down prior to trading on Friday after SunTrust Banks lowered their price target on the stock from $13.00 to $11.00. The stock had previously closed at $10.52, but opened at $10.22. SunTrust Banks currently has a buy rating on the stock. Noble Energy shares last traded at $9.99, with a volume of 18,444,879 shares trading hands.

A number of other research analysts also recently weighed in on the company. Bank of America raised their price target on Noble Energy from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Imperial Capital raised their price target on Noble Energy from $10.00 to $12.00 and gave the company an “outperform” rating in a research note on Monday, May 11th. TD Securities cut Noble Energy to a “buy” rating and set a $10.25 price objective for the company. in a research report on Tuesday, July 21st. US Capital Advisors cut Noble Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Finally, Wells Fargo & Co raised their price objective on Noble Energy from $12.00 to $13.00 and gave the company an “overweight” rating in a research report on Thursday, June 25th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $17.66.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Teza Capital Management LLC raised its holdings in Noble Energy by 7.4% in the 1st quarter. Teza Capital Management LLC now owns 20,367 shares of the oil and gas development company’s stock valued at $123,000 after acquiring an additional 1,410 shares in the last quarter. Nissay Asset Management Corp Japan ADV raised its stake in Noble Energy by 3.8% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 41,660 shares of the oil and gas development company’s stock worth $252,000 after buying an additional 1,542 shares during the period. Advisors Asset Management Inc. bought a new stake in Noble Energy during the 4th quarter worth approximately $40,000. American International Group Inc. increased its holdings in Noble Energy by 0.8% during the 1st quarter. American International Group Inc. now owns 202,743 shares of the oil and gas development company’s stock worth $1,225,000 after purchasing an additional 1,647 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in Noble Energy by 1.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 141,035 shares of the oil and gas development company’s stock worth $1,264,000 after purchasing an additional 1,800 shares in the last quarter. 98.50% of the stock is owned by hedge funds and other institutional investors.

The company has a market capitalization of $4.79 billion, a P/E ratio of 11.10 and a beta of 1.43. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.55 and a quick ratio of 0.55. The firm has a fifty day moving average price of $9.80 and a 200-day moving average price of $11.74.

Noble Energy (NYSE:NBL) last posted its earnings results on Friday, May 8th. The oil and gas development company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.15. Noble Energy had a negative return on equity of 0.82% and a negative net margin of 25.33%. The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the prior year, the business posted ($0.09) earnings per share. The business’s quarterly revenue was down 3.0% on a year-over-year basis. On average, research analysts forecast that Noble Energy, Inc. will post -0.41 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 10th will be given a $0.02 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.80%. Noble Energy’s dividend payout ratio (DPR) is presently 8.89%.

Noble Energy Company Profile (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. The company owns, operates, develops, and acquires domestic midstream infrastructure assets in the DJ and Delaware Basins.

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