Meadow Creek Investment Management LLC Boosts Stake in Noble Energy, Inc. (NBL)
Meadow Creek Investment Management LLC lifted its position in shares of Noble Energy, Inc. (NYSE:NBL) by 9.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 26,124 shares of the oil and gas development company’s stock after acquiring an additional 2,296 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Noble Energy were worth $761,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of NBL. Hexavest Inc. bought a new position in shares of Noble Energy during the 4th quarter worth $38,964,000. Amundi Pioneer Asset Management Inc. bought a new position in shares of Noble Energy during the 4th quarter worth $29,414,000. Alliancebernstein L.P. grew its stake in shares of Noble Energy by 22.4% during the 4th quarter. Alliancebernstein L.P. now owns 3,984,847 shares of the oil and gas development company’s stock worth $116,118,000 after acquiring an additional 728,937 shares during the period. South Dakota Investment Council grew its stake in shares of Noble Energy by 76.0% during the 3rd quarter. South Dakota Investment Council now owns 1,379,863 shares of the oil and gas development company’s stock worth $39,133,000 after acquiring an additional 595,865 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Noble Energy by 16.2% during the 4th quarter. Bank of New York Mellon Corp now owns 4,258,901 shares of the oil and gas development company’s stock worth $124,105,000 after acquiring an additional 593,180 shares during the period. Institutional investors own 95.64% of the company’s stock.
NBL has been the subject of several analyst reports. Piper Jaffray Companies restated a “buy” rating and issued a $41.00 target price on shares of Noble Energy in a research note on Tuesday, January 9th. Royal Bank of Canada set a $36.00 target price on Noble Energy and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Jefferies Group upgraded Noble Energy from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a research note on Wednesday, December 20th. Seaport Global Securities upgraded Noble Energy from a “neutral” rating to a “buy” rating in a research note on Tuesday, December 19th. Finally, Stifel Nicolaus set a $42.00 target price on Noble Energy and gave the stock a “buy” rating in a research note on Monday, December 18th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-one have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $40.48.
Noble Energy (NYSE:NBL) last issued its quarterly earnings results on Tuesday, February 20th. The oil and gas development company reported $0.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.28. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.18 billion. Noble Energy had a positive return on equity of 1.46% and a negative net margin of 26.27%. The company’s revenue for the quarter was up 18.9% on a year-over-year basis. During the same quarter last year, the company posted $0.26 EPS. sell-side analysts forecast that Noble Energy, Inc. will post 0.9 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, February 26th. Investors of record on Monday, February 12th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, February 9th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.31%. Noble Energy’s dividend payout ratio is -16.74%.
Noble Energy declared that its Board of Directors has authorized a share buyback plan on Thursday, February 15th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the oil and gas development company to repurchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
In related news, Director James E. Craddock sold 8,500 shares of the firm’s stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $31.35, for a total transaction of $266,475.00. Following the transaction, the director now directly owns 93,413 shares of the company’s stock, valued at approximately $2,928,497.55. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kenneth M. Fisher sold 7,621 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $28.80, for a total value of $219,484.80. Following the transaction, the chief financial officer now directly owns 197,144 shares in the company, valued at $5,677,747.20. The disclosure for this sale can be found here. Company insiders own 1.96% of the company’s stock.
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Noble Energy 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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