Noble Midstream Partners LP (NBLX) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Noble Midstream Partners LP (NYSE:NBLX) from a hold rating to a buy rating in a research report sent to investors on Friday. Zacks Investment Research currently has $52.00 target price on the stock.
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. “
Several other research analysts have also recently commented on NBLX. Scotiabank reiterated an outperform rating and set a $38.00 price target on shares of Noble Midstream Partners in a report on Thursday, October 13th. Wells Fargo & Company initiated coverage on shares of Noble Midstream Partners in a report on Monday, October 31st. They set an outperform rating for the company. Mizuho set a $37.00 price target on shares of Noble Midstream Partners and gave the stock a buy rating in a report on Tuesday, December 6th. Finally, Citigroup Inc. reiterated a buy rating and set a $49.00 price target (up previously from $38.00) on shares of Noble Midstream Partners in a report on Wednesday, February 1st. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $39.91.
Shares of Noble Midstream Partners (NYSE:NBLX) traded up 1.39% on Friday, hitting $48.97. 105,434 shares of the company traded hands. The company has a market capitalization of $1.56 billion and a PE ratio of 54.72. Noble Midstream Partners has a 12 month low of $26.00 and a 12 month high of $49.79. The stock’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 posted its quarterly earnings results on Monday, February 13th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.78 by $0.02. The firm had revenue of $48.47 million for the quarter, compared to analyst estimates of $42.08 million. On average, equities analysts predict that Noble Midstream Partners will post $2.94 earnings per share for the current year.
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The business also recently announced a quarterly dividend, which was paid on Tuesday, February 14th. Stockholders of record on Monday, February 6th were issued a $0.4333 dividend. This represents a $1.73 annualized dividend and a dividend yield of 3.54%. The ex-dividend date was Thursday, February 2nd.
Several hedge funds and other institutional investors have recently modified their holdings of NBLX. Russell Investments Group Ltd. bought a new position in shares of Noble Midstream Partners during the fourth quarter valued at 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 valued at $5,069,000 after buying an additional 27,438 shares during the last quarter. 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 valued at $26,463,000 after buying an additional 704,300 shares during the last quarter. Finally, 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 valued at $8,035,000 after buying an additional 74,000 shares during the last quarter. Institutional investors and hedge funds own 88.38% of the company’s stock.
About Noble Midstream Partners
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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