UBS Group Initiates Coverage on Noble Energy (NBL)
UBS Group began coverage on shares of Noble Energy (NYSE:NBL) in a research report released on Wednesday morning, www.benzinga.com reports. The brokerage issued a buy rating and a $40.00 target price on the oil and gas development company’s stock.
Several other analysts have also recently weighed in on the company. Morgan Stanley boosted their price objective on Noble Energy from $36.00 to $39.00 and gave the stock an overweight rating in a report on Wednesday, January 24th. Mizuho set a $43.00 price objective on Noble Energy and gave the stock a buy rating in a report on Tuesday, January 16th. JPMorgan Chase & Co. cut Noble Energy from an overweight rating to a neutral rating and set a $30.00 price objective for the company. in a report on Friday, December 15th. Credit Suisse Group started 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. Finally, Cowen set a $40.00 price objective on Noble Energy and gave the stock a buy rating in a report on Sunday, December 10th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty have given a buy rating to the company’s stock. Noble Energy currently has an average rating of Buy and an average target price of $40.60.
Shares of Noble Energy (NBL) opened at $31.08 on Wednesday. The firm has a market capitalization of $15,120.00, a PE ratio of -8.29 and a beta of 1.10. Noble Energy has a twelve month low of $22.99 and a twelve month high of $35.74. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 0.64.
Noble Energy declared that its Board of Directors has initiated a stock buyback plan on Thursday, February 15th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the oil and gas development company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 26th. Investors of record on Monday, February 12th were given a $0.10 dividend. The ex-dividend date of this dividend was Friday, February 9th. This represents a $0.40 annualized dividend and a dividend yield of 1.29%. Noble Energy’s dividend payout ratio is presently -10.67%.
In related news, Director James E. Craddock sold 8,500 shares of the business’s stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $31.35, for a total value of $266,475.00. Following the completion of the transaction, the director now directly owns 93,413 shares in the company, valued at approximately $2,928,497.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David L. Stover acquired 19,000 shares of the firm’s stock in a transaction that occurred on Monday, December 18th. The stock was acquired at an average price of $26.31 per share, with a total value of $499,890.00. Following the completion of the transaction, the chief executive officer now directly owns 727,254 shares in the company, valued at approximately $19,134,052.74. The disclosure for this purchase can be found here. Insiders sold a total of 216,121 shares of company stock valued at $5,883,960 over the last quarter. 2.28% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of NBL. Massey Quick Simon & CO. LLC acquired a new position in shares of Noble Energy in the 3rd quarter valued at approximately $155,000. Sawyer & Company Inc acquired a new position in shares of Noble Energy in the 4th quarter valued at approximately $169,000. Lourd Capital LLC acquired a new position in shares of Noble Energy in the 4th quarter valued at approximately $203,000. Levin Capital Strategies L.P. acquired a new position in shares of Noble Energy in the 4th quarter valued at approximately $219,000. Finally, FDx Advisors Inc. acquired a new position in shares of Noble Energy in the 4th quarter valued at approximately $231,000. Institutional investors and hedge funds own 96.15% of the company’s stock.
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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