Trading Report: The Noble Energy Inc. Forecasted to Post Q3 2016 Earnings of ($0.29) Per Share (NBL)

The Noble Energy Inc. Forecasted to Post Q3 2016 Earnings of ($0.29) Per Share (NBL)

Noble Energy Inc. (NYSE:NBL) – Equities research analysts at Credit Agricole SA increased their Q3 2016 EPS estimates for Noble Energy in a report released on Wednesday. Credit Agricole SA analyst A. Sen now expects that the firm will post earnings of ($0.29) per share for the quarter, up from their prior forecast of ($0.30). Credit Agricole SA has a “Outperform” rating on the stock. Credit Agricole SA also issued estimates for Noble Energy’s FY2016 earnings at ($1.27) EPS and FY2017 earnings at ($0.92) EPS.

Several other research analysts also recently issued reports on NBL. Wunderlich upped their price objective on Noble Energy from $44.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, July 6th. Citigroup Inc. raised Noble Energy from a “neutral” rating to a “buy” rating in a report on Thursday, July 7th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Noble Energy in a report on Sunday, July 10th. Barclays PLC upped their price objective on Noble Energy from $41.00 to $44.00 and gave the stock an “overweight” rating in a report on Thursday, July 14th. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Noble Energy in a report on Monday, July 18th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $40.23.

Shares of Noble Energy (NYSE:NBL) traded down 0.25% during trading on Friday, hitting $35.36. The stock had a trading volume of 1,702,666 shares. The stock’s 50 day moving average is $34.98 and its 200 day moving average is $35.04. Noble Energy has a 52 week low of $23.77 and a 52 week high of $39.85. The stock’s market capitalization is $15.20 billion.

Noble Energy (NYSE:NBL) last issued its quarterly earnings results on Wednesday, August 3rd. The oil and gas development company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts’ expectations of $909.36 million. During the same period last year, the firm earned $0.26 EPS. The firm’s revenue for the quarter was up 14.8% on a year-over-year basis.

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

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NBL. Capital Research Global Investors boosted its position in 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 valued at $1,779,456,000 after buying an additional 7,920,780 shares in the last quarter. Vanguard Group Inc. boosted 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 valued at $993,635,000 after buying an additional 432,855 shares in the last quarter. State Street Corp boosted 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 valued at $693,709,000 after buying an additional 650,673 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted 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 valued at $402,172,000 after buying an additional 167,715 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted 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 valued at $331,103,000 after buying an additional 1,377,137 shares in the last quarter. 93.83% of the stock is currently owned by hedge funds and other institutional investors.

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