Noble Midstream Partners LP (NBLX) Rating Increased to Buy at Zacks Investment Research
Noble Midstream Partners LP (NYSE:NBLX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage presently has a $52.00 target price on the stock. Zacks Investment Research’s price target points to a potential upside of 6.19% from the stock’s previous close.
According to Zacks, “Noble Midstream Partners LP is engaged in crude oil and natural gas exploration and production. Its operating area includes onshore which consists of US DJ Basin, Marcellus Shale, Eagle Ford Shale and Permian Basin as well as offshore in deepwater Gulf of Mexico, Eastern Mediterranean and West Africa. Noble Midstream Partners LP is based in Houston, United States. “
A number of other research firms also recently weighed in on NBLX. Citigroup Inc. reiterated a “buy” rating and set a $49.00 target price (up from $38.00) on shares of Noble Midstream Partners in a research report on Wednesday, February 1st. Mizuho upped their target price on Noble Midstream Partners from $37.00 to $47.00 and gave the company a “buy” rating in a research report on Wednesday, January 18th. Wells Fargo & Company began coverage on Noble Midstream Partners in a research report on Monday, October 31st. They set an “outperform” rating for the company. Finally, Scotiabank reiterated an “outperform” rating and set a $38.00 target price on shares of Noble Midstream Partners in a research report on Thursday, October 13th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Noble Midstream Partners has an average rating of “Buy” and an average price target of $39.91.
Noble Midstream Partners (NYSE:NBLX) traded up 1.39% during trading on Friday, reaching $48.97. The company had a trading volume of 105,434 shares. Noble Midstream Partners has a 12-month low of $26.00 and a 12-month high of $49.79. The firm has a market capitalization of $1.56 billion and a PE ratio of 54.72. The firm’s 50 day moving average price is $42.03 and its 200 day moving average price is $34.55.
Noble Midstream Partners (NYSE:NBLX) last released its earnings results on Monday, February 13th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. The company had revenue of $48.47 million for the quarter, compared to the consensus estimate of $42.08 million. Analysts anticipate that Noble Midstream Partners will post $2.94 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, February 14th. Shareholders of record on Monday, February 6th were issued a $0.4333 dividend. The ex-dividend date of this dividend was Thursday, February 2nd. This represents a $1.73 dividend on an annualized basis and a yield of 3.54%.
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A number of institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. purchased a new position in shares of Noble Midstream Partners during the fourth quarter worth about $3,290,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Noble Midstream Partners by 24.2% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,795 shares of the company’s stock worth $5,069,000 after buying an additional 27,438 shares during the last quarter. RR Advisors LLC boosted its position in shares of Noble Midstream Partners by 49.0% in the fourth quarter. RR Advisors LLC now owns 225,000 shares of the company’s stock worth $8,035,000 after buying an additional 74,000 shares during the last quarter. Finally, FMR LLC boosted its position in shares of Noble Midstream Partners by 2,288.5% in the fourth quarter. FMR LLC now owns 735,075 shares of the company’s stock worth $26,463,000 after buying an additional 704,300 shares during the last quarter. 88.38% of the stock is owned by institutional investors and hedge funds.
Noble Midstream Partners Company Profile
Noble Midstream Partners LP is formed to own, operate, develop and acquire a range of domestic midstream infrastructure assets. The Company focuses in the area of DJ Basin in Colorado and in the Delaware Basin within the Permian Basin in Texas. The Company’s segments include Gathering Systems; Fresh Water Delivery, and investments in white cliffs and other.
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