$917.71 Million in Sales Expected for Noble Energy Inc. (NBL) This Quarter
Wall Street analysts predict that Noble Energy Inc. (NYSE:NBL) will post $917.71 million in sales for the current quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Noble Energy’s earnings. The highest sales estimate is $989.30 million and the lowest is $844.77 million. Noble Energy reported sales of $910.00 million in the same quarter last year, which would indicate a positive year over year growth rate of 0.8%. The company is scheduled to report its next quarterly earnings results after the market closes on Monday, October 30th.
On average, analysts expect that Noble Energy will report full year sales of $917.71 million for the current financial year, with estimates ranging from $3.89 billion to $4.28 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $4.64 billion per share, with estimates ranging from $4.27 billion to $5.22 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow Noble Energy.
Noble Energy (NYSE:NBL) last announced its earnings results on Thursday, August 3rd. The oil and gas development company reported $0.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.18. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. Noble Energy had a negative net margin of 46.63% and a positive return on equity of 0.86%. Noble Energy’s quarterly revenue was up 25.0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.24) earnings per share.
Several research analysts have commented on the company. Stifel Nicolaus set a $39.00 target price on Noble Energy and gave the stock a “buy” rating in a research note on Thursday. Imperial Capital started coverage on Noble Energy in a research report on Thursday, September 28th. They set an “outperform” rating and a $40.00 price target for the company. Mizuho reiterated a “buy” rating on shares of Noble Energy in a research report on Friday, September 29th. Seaport Global Securities upgraded Noble Energy from a “sell” rating to a “neutral” rating and lifted their price target for the company from $23.00 to $26.00 in a research report on Friday, August 11th. Finally, Cowen and Company set a $35.00 price target on Noble Energy and gave the company a “buy” rating in a research report on Friday, August 25th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $41.30.
Institutional investors and hedge funds have recently bought and sold shares of the company. Capital World Investors boosted its position in shares of Noble Energy by 20.8% during the second quarter. Capital World Investors now owns 55,184,801 shares of the oil and gas development company’s stock valued at $1,561,730,000 after purchasing an additional 9,488,951 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Noble Energy by 29.8% during the second quarter. Vanguard Group Inc. now owns 38,933,217 shares of the oil and gas development company’s stock valued at $1,101,810,000 after purchasing an additional 8,933,476 shares in the last quarter. BlackRock Inc. boosted its position in shares of Noble Energy by 7.4% during the second quarter. BlackRock Inc. now owns 32,231,480 shares of the oil and gas development company’s stock valued at $912,152,000 after purchasing an additional 2,211,439 shares in the last quarter. State Street Corp boosted its position in shares of Noble Energy by 5.7% during the second quarter. State Street Corp now owns 27,225,558 shares of the oil and gas development company’s stock valued at $770,487,000 after purchasing an additional 1,471,064 shares in the last quarter. Finally, Ares Management LLC bought a new stake in shares of Noble Energy during the second quarter valued at approximately $499,364,000. 91.68% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Noble Energy (NBL) opened at 28.31 on Friday. The company’s market cap is $13.36 billion. The stock has a 50 day moving average of $25.82 and a 200-day moving average of $29.05. Noble Energy has a 12 month low of $22.99 and a 12 month high of $42.03.
About Noble Energy
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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