Noble Energy Inc. (NBL) Cut to “Strong Sell” at BidaskClub

Noble Energy Inc. (NYSE:NBL) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report issued on Friday.

NBL has been the subject of several other research reports. Scotiabank set a $38.00 price target on Noble Energy and gave the company a “hold” rating in a research note on Monday, March 27th. Jefferies Group LLC reissued a “buy” rating and issued a $47.00 price target on shares of Noble Energy in a research note on Friday, March 3rd. Piper Jaffray Companies reissued an “overweight” rating and issued a $47.00 price target on shares of Noble Energy in a research note on Monday, May 8th. Evercore ISI reissued an “outperform” rating and issued a $40.00 price target on shares of Noble Energy in a research note on Tuesday, May 2nd. Finally, Credit Suisse Group reissued an “outperform” rating and issued a $50.00 price target on shares of Noble Energy in a research note on Friday, June 2nd. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. Noble Energy presently has a consensus rating of “Buy” and an average target price of $43.73.

Analyst Recommendations for Noble Energy (NYSE:NBL)

Noble Energy (NBL) traded up 1.69% on Friday, reaching $28.23. 2,965,058 shares of the company traded hands. Noble Energy has a 52-week low of $27.67 and a 52-week high of $42.03. The firm has a 50 day moving average price of $30.09 and a 200 day moving average price of $35.20. The stock’s market capitalization is $12.17 billion.

Noble Energy (NYSE:NBL) last announced its quarterly earnings results on Monday, May 1st. The oil and gas development company reported ($0.05) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.09. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $974.54 million. Noble Energy had a negative return on equity of 0.44% and a negative net margin of 17.75%. The firm’s quarterly revenue was up 43.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.53) EPS. Equities research analysts predict that Noble Energy will post ($0.04) EPS for the current year.

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Several hedge funds and other institutional investors have recently modified their holdings of NBL. Fifth Third Bancorp raised its position in shares of Noble Energy by 5.5% in the first quarter. Fifth Third Bancorp now owns 2,913 shares of the oil and gas development company’s stock worth $100,000 after buying an additional 153 shares during the last quarter. Harbour Capital Advisors LLC purchased a new position in shares of Noble Energy during the first quarter worth approximately $136,000. Seven Eight Capital LP purchased a new position in shares of Noble Energy during the fourth quarter worth approximately $156,000. Boothbay Fund Management LLC purchased a new position in shares of Noble Energy during the fourth quarter worth approximately $204,000. Finally, IFM Investors Pty Ltd purchased a new position in shares of Noble Energy during the fourth quarter worth approximately $205,000. Institutional investors and hedge funds own 97.42% of the company’s stock.

Noble Energy Company Profile

Noble Energy, Inc is an independent energy company. The Company is engaged in crude oil, natural gas and natural gas and natural gas liquids (NGLs) exploration, development, production and acquisition. The Company’s segments include: United States, including the onshore DJ Basin, Permian Basin, Eagle Ford Shale, Marcellus Shale and offshore deepwater Gulf of Mexico, as well as the consolidated accounts of Noble Midstream Partners LP (Noble Midstream Partners); Eastern Mediterranean, including offshore Israel and Cyprus; West Africa, including offshore Equatorial Guinea, Cameroon and Gabon, and Other International and Corporate, including new ventures, such as offshore the Falkland Islands, Suriname and Newfoundland.

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