Noble Energy (NYSE:NBL) – Equities research analysts at Piper Jaffray issued their FY2019 earnings estimates for Noble Energy in a report issued on Wednesday, April 18th. Piper Jaffray analyst D. Kistler expects that the oil and gas development company will post earnings per share of $1.31 for the year. Piper Jaffray currently has a “Buy” rating and a $41.00 target price on the stock.
NBL has been the topic of a number of other reports. Jefferies Group set a $38.00 price objective on shares of Noble Energy and gave the company a “buy” rating in a research report on Tuesday, January 30th. UBS initiated coverage on shares of Noble Energy in a research report on Wednesday, March 7th. They set a “buy” rating and a $40.00 price objective on the stock. Credit Suisse Group set a $40.00 price objective on shares of Noble Energy and gave the company a “buy” rating in a research report on Tuesday, January 23rd. They noted that the move was a valuation call. Royal Bank of Canada set a $39.00 target price on shares of Noble Energy and gave the company a “buy” rating in a report on Friday, April 13th. Finally, Morgan Stanley boosted their target price on shares of Noble Energy from $36.00 to $39.00 and gave the company an “overweight” rating in a report on Wednesday, January 24th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $40.90.
Noble Energy (NYSE:NBL) last issued its quarterly earnings data on Tuesday, February 20th. The oil and gas development company reported $0.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.28. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.18 billion. Noble Energy had a negative net margin of 26.27% and a positive return on equity of 1.46%. The company’s quarterly revenue was up 18.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.26 EPS.
A number of institutional investors have recently made changes to their positions in NBL. Hexavest Inc. purchased a new position in Noble Energy in the 4th quarter worth about $38,964,000. Amundi Pioneer Asset Management Inc. purchased a new position in Noble Energy in the 4th quarter worth about $29,414,000. Alliancebernstein L.P. raised its position in Noble Energy by 22.4% in the 4th quarter. Alliancebernstein L.P. now owns 3,984,847 shares of the oil and gas development company’s stock worth $116,118,000 after buying an additional 728,937 shares during the last quarter. Bank of New York Mellon Corp raised its position in Noble Energy by 16.2% in the 4th quarter. Bank of New York Mellon Corp now owns 4,258,901 shares of the oil and gas development company’s stock worth $124,105,000 after buying an additional 593,180 shares during the last quarter. Finally, Oslo Asset Management AS raised its position in Noble Energy by 523.9% in the 4th quarter. Oslo Asset Management AS now owns 666,173 shares of the oil and gas development company’s stock worth $19,412,000 after buying an additional 559,400 shares during the last quarter. Institutional investors own 95.65% of the company’s stock.
In related news, Director James E. Craddock sold 8,500 shares of the company’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $31.35, for a total value of $266,475.00. Following the transaction, the director now owns 93,413 shares in the company, valued at approximately $2,928,497.55. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Kenneth M. Fisher sold 7,621 shares of the company’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $28.80, for a total transaction of $219,484.80. Following the completion of the transaction, the chief financial officer now owns 197,144 shares in the company, valued at approximately $5,677,747.20. The disclosure for this sale can be found here. Insiders own 1.96% of the company’s stock.
Noble Energy declared that its Board of Directors has authorized a share buyback program on Thursday, February 15th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the oil and gas development company to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
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. 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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