Bank of America Cuts Noble Midstream Partners (NYSE:NBLX) Price Target to $35.00

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Noble Midstream Partners (NYSE:NBLX) had its price target lowered by Bank of America from $42.00 to $35.00 in a research report released on Tuesday morning, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the energy company’s stock.

A number of other equities research analysts have also weighed in on the stock. Noble Financial began coverage on shares of Noble Midstream Partners in a report on Tuesday, September 3rd. They set a sector perform rating and a $29.00 price target for the company. Credit Suisse Group reaffirmed an outperform rating and set a $40.00 price target (down from $45.00) on shares of Noble Midstream Partners in a report on Monday, August 19th. Robert W. Baird lowered their price target on shares of Noble Midstream Partners from $39.00 to $29.00 and set a neutral rating for the company in a report on Thursday, August 29th. Scotiabank began coverage on shares of Noble Midstream Partners in a report on Tuesday, September 3rd. They set a sector perform rating and a $29.00 price target for the company. Finally, JPMorgan Chase & Co. lowered shares of Noble Midstream Partners from an overweight rating to a neutral rating and lowered their price target for the company from $48.00 to $41.00 in a report on Friday, June 7th. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Noble Midstream Partners presently has an average rating of Hold and a consensus price target of $40.54.

Shares of Noble Midstream Partners stock traded up $0.83 during trading hours on Tuesday, hitting $27.37. The company’s stock had a trading volume of 5,369 shares, compared to its average volume of 270,683. Noble Midstream Partners has a 1-year low of $22.28 and a 1-year high of $43.98. The business has a fifty day moving average of $26.21 and a 200 day moving average of $32.24. The company has a market capitalization of $1.05 billion, a PE ratio of 6.89, a P/E/G ratio of 0.43 and a beta of 1.43. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.62.

Noble Midstream Partners (NYSE:NBLX) last released its quarterly earnings data on Friday, August 2nd. The energy company reported $0.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by ($0.10). Noble Midstream Partners had a return on equity of 12.28% and a net margin of 28.24%. The business had revenue of $158.26 million during the quarter, compared to analyst estimates of $136.40 million. On average, sell-side analysts anticipate that Noble Midstream Partners will post 3.89 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of NBLX. Invesco Ltd. bought a new position in Noble Midstream Partners during the 2nd quarter valued at $16,357,000. Morgan Stanley boosted its stake in Noble Midstream Partners by 53.0% during the 2nd quarter. Morgan Stanley now owns 406,525 shares of the energy company’s stock valued at $13,521,000 after acquiring an additional 140,751 shares during the last quarter. UBS Group AG boosted its stake in Noble Midstream Partners by 26.8% during the 2nd quarter. UBS Group AG now owns 621,363 shares of the energy company’s stock valued at $20,667,000 after acquiring an additional 131,460 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in Noble Midstream Partners by 10.9% during the 1st quarter. CIBC Private Wealth Group LLC now owns 1,306,669 shares of the energy company’s stock valued at $47,053,000 after acquiring an additional 128,430 shares during the last quarter. Finally, HITE Hedge Asset Management LLC boosted its stake in Noble Midstream Partners by 112.7% during the 1st 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. Hedge funds and other institutional investors own 55.70% 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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Analyst Recommendations for Noble Midstream Partners (NYSE:NBLX)

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