Noble Energy (NBL) Given a $40.00 Price Target by Jefferies Group Analysts
Jefferies Group set a $40.00 price target on Noble Energy (NYSE:NBL) in a research note published on Monday morning. The firm currently has a buy rating on the oil and gas development company’s stock. Jefferies Group also issued estimates for Noble Energy’s Q1 2018 earnings at $0.21 EPS, Q2 2018 earnings at $0.18 EPS, Q3 2018 earnings at $0.19 EPS, Q4 2018 earnings at $0.24 EPS, FY2018 earnings at $0.81 EPS, Q1 2019 earnings at $0.25 EPS, Q2 2019 earnings at $0.27 EPS, Q3 2019 earnings at $0.31 EPS, Q4 2019 earnings at $0.35 EPS and FY2019 earnings at $1.19 EPS.
A number of other analysts have also issued reports on the company. Morgan Stanley increased their target price on Noble Energy from $36.00 to $39.00 and gave the company an overweight rating in a report on Wednesday, January 24th. Mizuho set a $43.00 target price on Noble Energy and gave the company a buy rating in a report on Tuesday, January 16th. JPMorgan Chase & Co. lowered Noble Energy from an overweight rating to a neutral rating and set a $30.00 target price for the company. in a report on Friday, December 15th. Bank of America increased their target price on Noble Energy from $52.00 to $57.00 and gave the company a buy rating in a report on Monday, February 26th. Finally, Credit Suisse Group initiated coverage on Noble Energy in a report on Monday, December 11th. They set an outperform rating and a $35.00 price objective for the company. Two analysts have rated the stock with a sell rating, three have given a hold rating and twenty-one have assigned a buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $40.48.
Shares of Noble Energy stock opened at $30.55 on Monday. Noble Energy has a 52-week low of $22.99 and a 52-week high of $35.74. The company has a market capitalization of $15,253.03, a price-to-earnings ratio of 103.30 and a beta of 1.10. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.27 and a current ratio of 1.27.
The firm also recently announced a quarterly dividend, which was paid on Monday, February 26th. Shareholders of record on Monday, February 12th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.31%. The ex-dividend date was Friday, February 9th. Noble Energy’s payout ratio is -16.74%.
Noble Energy declared that its board has approved a stock buyback program on Thursday, February 15th that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the oil and gas development company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In other Noble Energy news, CFO Kenneth M. Fisher sold 7,621 shares of the stock in a transaction on Monday, February 5th. The shares were sold at an average price of $28.80, for a total transaction of $219,484.80. Following the transaction, the chief financial officer now directly owns 197,144 shares of the company’s stock, valued at $5,677,747.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James E. Craddock sold 8,500 shares of the firm’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $31.35, for a total value of $266,475.00. Following the completion of the sale, the director now directly owns 93,413 shares in the company, valued at $2,928,497.55. The disclosure for this sale can be found here. Corporate insiders own 1.96% of the company’s stock.
Several large investors have recently modified their holdings of NBL. Nationwide Fund Advisors grew its position in shares of Noble Energy by 2.5% in the third quarter. Nationwide Fund Advisors now owns 765,933 shares of the oil and gas development company’s stock valued at $21,722,000 after purchasing an additional 18,528 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Noble Energy by 0.3% in the third quarter. Principal Financial Group Inc. now owns 723,594 shares of the oil and gas development company’s stock valued at $20,521,000 after purchasing an additional 1,854 shares during the last quarter. Retirement Systems of Alabama grew its position in shares of Noble Energy by 7.0% in the third quarter. Retirement Systems of Alabama now owns 236,050 shares of the oil and gas development company’s stock valued at $6,694,000 after purchasing an additional 15,349 shares during the last quarter. New York State Common Retirement Fund grew its position in shares of Noble Energy by 2.7% in the third quarter. New York State Common Retirement Fund now owns 2,256,533 shares of the oil and gas development company’s stock valued at $63,995,000 after purchasing an additional 58,902 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. grew its position in shares of Noble Energy by 464.5% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 111,261 shares of the oil and gas development company’s stock valued at $3,155,000 after purchasing an additional 91,550 shares during the last quarter. 95.64% of the stock is currently owned by institutional investors.
Noble Energy Company 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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