Zacks Investment Research Lowers Noble Midstream Partners (NBLX) to Hold

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Zacks Investment Research lowered shares of Noble Midstream Partners (NYSE:NBLX) from a buy rating to a hold rating in a research report report published on Tuesday, Zacks.com reports.

According to Zacks, “Noble Midstream Partners LP is engaged in crude oil and natural gas exploration and production. Its operating area includes onshore which consists of US DJ Basin, Marcellus Shale, Eagle Ford Shale and Permian Basin as well as offshore in deepwater Gulf of Mexico, Eastern Mediterranean and West Africa. Noble Midstream Partners LP is based in Houston, United States. “

A number of other equities research analysts also recently issued reports on NBLX. Rowe reduced their price objective on shares of Noble Midstream Partners to $49.00 and set an overweight rating for the company in a research report on Friday, May 3rd. Wells Fargo & Co set a $40.00 price objective on shares of Noble Midstream Partners and gave the stock a hold rating in a research report on Friday, March 8th. Robert W. Baird downgraded shares of Noble Midstream Partners from an outperform rating to a neutral rating and reduced their price objective for the stock from $53.00 to $39.00 in a research report on Thursday, March 7th. Finally, TheStreet raised shares of Noble Midstream Partners from a d+ rating to a c rating in a research report on Monday, March 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $48.89.

Shares of NBLX stock opened at $32.87 on Tuesday. Noble Midstream Partners has a 52-week low of $26.08 and a 52-week high of $56.40. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of 8.30, a PEG ratio of 0.49 and a beta of 1.28.

Noble Midstream Partners (NYSE:NBLX) last issued its quarterly earnings data on Friday, May 3rd. The energy company reported $1.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.11 by ($0.10). Noble Midstream Partners had a return on equity of 12.84% and a net margin of 30.14%. The firm had revenue of $147.96 million during the quarter, compared to the consensus estimate of $141.40 million. On average, equities analysts expect that Noble Midstream Partners will post 4.34 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, May 13th. Shareholders of record on Monday, May 6th were paid a $0.6132 dividend. This represents a $2.45 dividend on an annualized basis and a yield of 7.46%. This is a boost from Noble Midstream Partners’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Friday, May 3rd. Noble Midstream Partners’s payout ratio is presently 61.87%.

In related news, insider Thomas W. Christensen bought 1,500 shares of the company’s stock in a transaction on Thursday, February 21st. The shares were purchased at an average cost of $34.00 per share, for a total transaction of $51,000.00. Following the completion of the purchase, the insider now directly owns 10,573 shares in the company, valued at $359,482. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hotchkis & Wiley Capital Management LLC purchased a new position in Noble Midstream Partners in the first quarter valued at about $3,032,000. SEI Investments Co purchased a new position in Noble Midstream Partners in the first quarter valued at about $234,000. Natixis purchased a new position in Noble Midstream Partners in the first quarter valued at about $2,532,000. HITE Hedge Asset Management LLC boosted its stake in Noble Midstream Partners by 112.7% in the first quarter. HITE Hedge Asset Management LLC now owns 235,279 shares of the energy company’s stock valued at $8,472,000 after acquiring an additional 124,689 shares during the last quarter. Finally, Tortoise Index Solutions LLC lifted its stake in shares of Noble Midstream Partners by 23.5% during the 1st quarter. Tortoise Index Solutions LLC now owns 9,296 shares of the energy company’s stock valued at $335,000 after buying an additional 1,770 shares in the last quarter. Hedge funds and other institutional investors own 61.96% of the company’s stock.

Noble Midstream Partners Company Profile

Noble Midstream Partners LP owns, operates, develops, and acquires midstream infrastructure assets in the United States. It operates through three segments: Gathering Systems, Fresh Water Delivery, and Investments and Other. The company provides crude oil, natural gas, and water-related midstream services.

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