Trading Report: The Mizuho Initiates Coverage on Noble Energy Inc. (NBL)

The Mizuho Initiates Coverage on Noble Energy Inc. (NBL)

Equities researchers at Mizuho assumed coverage on shares of Noble Energy Inc. (NYSE:NBL) in a research note issued on Friday. The brokerage set a “buy” rating and a $44.00 price target on the oil and gas development company’s stock. Mizuho’s price target would indicate a potential upside of 24.12% from the stock’s previous close.

Other analysts also recently issued research reports about the company. JPMorgan Chase & Co. reissued a “buy” rating on shares of Noble Energy in a report on Monday, July 18th. Deutsche Bank AG reissued a “buy” rating on shares of Noble Energy in a report on Sunday, July 10th. Nomura reissued a “buy” rating and issued a $17.00 price target on shares of Noble Energy in a report on Monday, September 26th. Wunderlich raised their price target on Noble Energy from $44.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, July 6th. Finally, Barclays PLC raised their price target on Noble Energy from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, July 14th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $40.23.

Shares of Noble Energy (NYSE:NBL) opened at 35.45 on Friday. The stock’s market capitalization is $15.24 billion. Noble Energy has a 52-week low of $23.77 and a 52-week high of $39.85. The firm’s 50-day moving average price is $34.98 and its 200-day moving average price is $35.04.

Noble Energy (NYSE:NBL) last released its earnings results on Wednesday, August 3rd. The oil and gas development company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.05. Noble Energy had a negative return on equity of 2.16% and a negative net margin of 90.52%. The company had revenue of $847 million for the quarter, compared to the consensus estimate of $909.36 million. During the same quarter last year, the business posted $0.26 EPS. Noble Energy’s quarterly revenue was up 14.8% compared to the same quarter last year. Equities analysts forecast that Noble Energy will post ($1.06) earnings per share for the current fiscal year.

In other Noble Energy news, Director Jeffrey L. Berenson sold 10,000 shares of the business’s stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $34.05, for a total value of $340,500.00. Following the completion of the sale, the director now owns 82,269 shares of the company’s stock, valued at $2,801,259.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas J. Edelman sold 12,000 shares of the business’s stock in a transaction dated Monday, September 26th. The stock was sold at an average price of $33.62, for a total value of $403,440.00. Following the completion of the sale, the director now directly owns 3,032,978 shares of the company’s stock, valued at approximately $101,968,720.36. The disclosure for this sale can be found here. 2.17% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the company. Capital Research Global Investors boosted its stake in shares of Noble Energy by 19.0% in the second quarter. Capital Research Global Investors now owns 49,608,485 shares of the oil and gas development company’s stock worth $1,779,456,000 after buying an additional 7,920,780 shares in the last quarter. Vanguard Group Inc. raised its position in Noble Energy by 1.6% in the second quarter. Vanguard Group Inc. now owns 27,700,989 shares of the oil and gas development company’s stock worth $993,635,000 after buying an additional 432,855 shares during the last quarter. State Street Corp raised its position in Noble Energy by 3.0% in the first quarter. State Street Corp now owns 22,085,356 shares of the oil and gas development company’s stock worth $693,709,000 after buying an additional 650,673 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Noble Energy by 1.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 11,211,942 shares of the oil and gas development company’s stock worth $402,172,000 after buying an additional 167,715 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its position in Noble Energy by 15.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 10,541,323 shares of the oil and gas development company’s stock worth $331,103,000 after buying an additional 1,377,137 shares during the last quarter. 93.83% of the stock is owned by institutional investors.

Noble Energy Company Profile

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