Noble Energy (NYSE:NBL) – Equities research analysts at Piper Jaffray Companies boosted their FY2018 earnings per share estimates for Noble Energy in a research report issued on Sunday, May 20th. Piper Jaffray Companies analyst D. Kistler now anticipates that the oil and gas development company will post earnings of $1.06 per share for the year, up from their prior forecast of $0.95. Piper Jaffray Companies also issued estimates for Noble Energy’s Q1 2019 earnings at $0.42 EPS, Q2 2019 earnings at $0.41 EPS and Q3 2019 earnings at $0.46 EPS.
Noble Energy (NYSE:NBL) last issued its quarterly earnings results on Tuesday, May 1st. The oil and gas development company reported $0.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.07. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.22 billion. Noble Energy had a negative net margin of 13.32% and a positive return on equity of 3.25%. Noble Energy’s quarterly revenue was up 24.1% compared to the same quarter last year. During the same period last year, the company posted ($0.05) EPS.
A number of other research analysts have also weighed in on the stock. Morgan Stanley raised their price target on shares of Noble Energy from $36.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Bank of America raised their price target on shares of Noble Energy from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, February 26th. KLR Group raised their target price on shares of Noble Energy from $9.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Wolfe Research lowered shares of Noble Energy from an “outperform” rating to a “market perform” rating in a research note on Tuesday, January 30th. Finally, BMO Capital Markets reissued a “buy” rating and issued a $40.00 target price on shares of Noble Energy in a research note on Wednesday, April 11th. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-two have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $41.09.
Shares of Noble Energy stock opened at $36.80 on Tuesday. The stock has a market capitalization of $17.55 billion, a P/E ratio of 118.71 and a beta of 1.02. Noble Energy has a twelve month low of $22.99 and a twelve month high of $37.67. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.17 and a current ratio of 1.17.
Several hedge funds and other institutional investors have recently made changes to their positions in NBL. Bank of Montreal Can increased its holdings in shares of Noble Energy by 3.5% during the 4th quarter. Bank of Montreal Can now owns 204,347 shares of the oil and gas development company’s stock worth $5,955,000 after buying an additional 6,969 shares during the last quarter. National Pension Service increased its holdings in shares of Noble Energy by 20.4% during the 4th quarter. National Pension Service now owns 531,783 shares of the oil and gas development company’s stock worth $15,496,000 after buying an additional 90,096 shares during the last quarter. Creative Planning increased its holdings in Noble Energy by 97.0% in the 4th quarter. Creative Planning now owns 31,343 shares of the oil and gas development company’s stock valued at $913,000 after purchasing an additional 15,432 shares during the last quarter. Schwab Charles Investment Management Inc. increased its holdings in Noble Energy by 1.5% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,725,980 shares of the oil and gas development company’s stock valued at $50,296,000 after purchasing an additional 25,741 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its holdings in Noble Energy by 82.8% in the 4th quarter. State of Alaska Department of Revenue now owns 66,252 shares of the oil and gas development company’s stock valued at $1,930,000 after purchasing an additional 30,000 shares during the last quarter. Institutional investors and hedge funds own 99.01% of the company’s stock.
In other news, Director James E. Craddock sold 8,500 shares of the firm’s stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $31.35, for a total transaction of $266,475.00. Following the completion of the sale, the director now 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 can be accessed through this link. Also, VP Andrea Lee Robison sold 8,760 shares of the firm’s stock in a transaction that occurred on Wednesday, May 9th. The stock was sold at an average price of $35.00, for a total transaction of $306,600.00. Following the sale, the vice president now owns 100,918 shares of the company’s stock, valued at approximately $3,532,130. The disclosure for this sale can be found here. Insiders have sold a total of 32,020 shares of company stock valued at $1,096,815 in the last 90 days. Insiders own 1.96% of the company’s stock.
Noble Energy announced that its board has authorized a stock buyback plan on Thursday, February 15th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the oil and gas development company to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Monday, May 21st. Stockholders of record on Monday, May 7th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, May 4th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.20%. This is an increase from Noble Energy’s previous quarterly dividend of $0.10. Noble Energy’s dividend payout ratio (DPR) is currently 141.94%.
About Noble Energy
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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