Morgan Stanley Reiterates $38.00 Price Target for Noble Energy (NBL)

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Morgan Stanley set a $38.00 target price on Noble Energy (NYSE:NBL) in a report published on Friday morning. The brokerage currently has a hold rating on the oil and gas development company’s stock.

A number of other equities research analysts also recently issued reports on the stock. TD Securities set a $43.00 price target on shares of Noble Energy and gave the stock a buy rating in a report on Sunday, August 5th. KLR Group reissued a buy rating and issued a $61.00 price target on shares of Noble Energy in a report on Monday, August 20th. Citigroup lowered their price target on shares of Noble Energy from $44.00 to $42.00 and set a buy rating on the stock in a report on Monday, August 13th. Barclays initiated coverage on shares of Noble Energy in a report on Wednesday, August 29th. They issued an underweight rating and a $33.00 price target on the stock. Finally, Bank of America initiated coverage on shares of Noble Energy in a report on Tuesday, July 10th. They issued a buy rating and a $59.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and nineteen have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $41.88.

Shares of Noble Energy stock opened at $31.90 on Friday. Noble Energy has a 12-month low of $24.28 and a 12-month high of $37.76. The stock has a market capitalization of $15.07 billion, a PE ratio of 102.90, a PEG ratio of 3.14 and a beta of 0.96. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.58.

Noble Energy (NYSE:NBL) last announced its quarterly earnings results on Friday, August 3rd. The oil and gas development company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.05). Noble Energy had a return on equity of 2.89% and a net margin of 19.01%. The firm had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the company posted $0.05 earnings per share. The company’s quarterly revenue was up 16.1% compared to the same quarter last year. On average, analysts anticipate that Noble Energy will post 0.99 earnings per share for the current year.

In related news, major shareholder Nbl Midstream, Llc sold 14,137,198 shares of the firm’s stock in a transaction that occurred on Wednesday, September 26th. The shares were sold at an average price of $17.75, for a total value of $250,935,264.50. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.96% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. United Capital Financial Advisers LLC raised its stake in Noble Energy by 23.7% in the first quarter. United Capital Financial Advisers LLC now owns 9,510 shares of the oil and gas development company’s stock valued at $288,000 after purchasing an additional 1,823 shares in the last quarter. Amalgamated Bank raised its stake in shares of Noble Energy by 3.4% during the second quarter. Amalgamated Bank now owns 58,051 shares of the oil and gas development company’s stock worth $2,048,000 after acquiring an additional 1,897 shares in the last quarter. Glen Harbor Capital Management LLC raised its stake in shares of Noble Energy by 5.9% during the second quarter. Glen Harbor Capital Management LLC now owns 36,176 shares of the oil and gas development company’s stock worth $1,276,000 after acquiring an additional 2,006 shares in the last quarter. Penn Davis Mcfarland Inc. raised its stake in shares of Noble Energy by 0.7% during the second quarter. Penn Davis Mcfarland Inc. now owns 285,447 shares of the oil and gas development company’s stock worth $10,071,000 after acquiring an additional 2,025 shares in the last quarter. Finally, Whittier Trust Co. purchased a new position in shares of Noble Energy during the second quarter worth approximately $163,000. 97.68% of the stock is currently owned by institutional investors and hedge funds.

Noble Energy Company Profile

Noble Energy, Inc, an independent energy company, engages in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids worldwide. It owns, operates, develops, and acquires domestic midstream infrastructure assets in the DJ and Delaware Basins. It principal projects are primarily located in the US unconventional basins and various global offshore conventional basins.

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