Traders Buy Noble Energy Inc. (NBL) on Weakness on Insider Selling
Traders bought shares of Noble Energy Inc. (NYSE:NBL) on weakness during trading hours on Monday after an insider sold shares in the company. $24.85 million flowed into the stock on the tick-up and $10.85 million flowed out of the stock on the tick-down, for a money net flow of $14.00 million into the stock. Of all stocks tracked, Noble Energy had the 28th highest net in-flow for the day. Noble Energy traded down ($0.26) for the day and closed at $33.54Specifically, Director Jeffrey L. Berenson sold 10,000 shares of the stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $34.05, for a total value of $340,500.00. Following the sale, the director now directly owns 82,269 shares in the company, valued at approximately $2,801,259.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas J. Edelman sold 12,000 shares of the stock in a transaction that occurred on Friday, June 24th. The shares were sold at an average price of $35.09, for a total transaction of $421,080.00. Following the completion of the sale, the director now owns 3,032,978 shares in the company, valued at $106,427,198.02. The disclosure for this sale can be found here. 2.17% of the stock is currently owned by corporate insiders.
NBL has been the topic of a number of analyst reports. Stifel Nicolaus increased their price target on shares of Noble Energy from $37.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, June 8th. Seaport Global Securities upgraded shares of Noble Energy from a “neutral” rating to a “buy” rating and increased their price target for the company from $36.00 to $45.00 in a research report on Tuesday, June 7th. Credit Suisse Group AG reissued a “buy” rating on shares of Noble Energy in a research note on Thursday, June 2nd. JPMorgan Chase & Co. reissued a “buy” rating on shares of Noble Energy in a research note on Wednesday, June 1st. Finally, Sterne Agee CRT raised Noble Energy from a “neutral” rating to a “buy” rating and increased their target price for the stock from $35.33 to $47.00 in a research note on Wednesday, May 25th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $41.10.
The company has a 50-day moving average price of $34.93 and a 200 day moving average price of $34.83. The company’s market cap is $14.42 billion.
Noble Energy (NYSE:NBL) last issued its quarterly earnings data on Wednesday, August 3rd. The oil and gas development company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.05. The business had revenue of $847 million for the quarter, compared to analysts’ expectations of $909.36 million. Noble Energy had a negative return on equity of 2.16% and a negative net margin of 90.52%. The firm’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.26 EPS. On average, equities analysts expect that Noble Energy Inc. will post ($1.09) EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 22nd. Investors of record on Monday, August 8th were issued a dividend of $0.10 per share. The ex-dividend date was Thursday, August 4th. This represents a $0.40 dividend on an annualized basis and a yield of 1.19%. Noble Energy’s dividend payout ratio (DPR) is -5.88%.
Hedge funds have recently modified their holdings of the company. Checchi Capital Advisers LLC boosted its stake in Noble Energy by 1.4% in the second quarter. Checchi Capital Advisers LLC now owns 3,592 shares of the oil and gas development company’s stock valued at $129,000 after buying an additional 49 shares during the last quarter. Advisor Group Inc. acquired a new stake in Noble Energy during the second quarter valued at $136,000. Bessemer Group Inc. acquired a new stake in Noble Energy during the first quarter valued at $150,000. Meeder Asset Management Inc. acquired a new stake in Noble Energy during the first quarter valued at $153,000. Finally, Creative Planning boosted its stake in Noble Energy by 34.7% in the second quarter. Creative Planning now owns 5,281 shares of the oil and gas development company’s stock valued at $189,000 after buying an additional 1,360 shares during the last quarter. 93.85% of the stock is currently owned by institutional investors and hedge funds.
About Noble Energy
Noble Energy, Inc is an independent energy company engaged in crude oil, natural gas and natural gas liquids (NGLs) exploration and production. The Company’s portfolio is diversified between short-term and long-term projects, domestic and international and a balanced production mix among crude oil, natural gas and NGLs.
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