Morgan Stanley Trims Noble Energy (NYSE:NBL) Target Price to $30.00

Noble Energy (NYSE:NBL) had its target price lowered by Morgan Stanley from $33.00 to $30.00 in a research report released on Friday morning, BenzingaRatingsTable reports. The firm currently has an overweight rating on the oil and gas development company’s stock.

Several other equities research analysts have also recently weighed in on the company. TD Securities increased their price objective on Westshore Terminals Investment from C$20.00 to C$21.00 and gave the stock a hold rating in a report on Monday, May 6th. UBS Group set a $34.00 price objective on Noble Energy and gave the stock a buy rating in a report on Thursday, May 16th. Mizuho set a $32.00 price objective on Williams Companies and gave the stock a buy rating in a report on Tuesday, March 19th. Mitsubishi UFJ Financial Group dropped their price objective on Noble Energy to $34.00 and set an overweight rating for the company in a report on Monday, May 6th. Finally, Barclays reiterated a buy rating on shares of Alphabet in a report on Tuesday, April 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eighteen have assigned a buy rating to the company. The company presently has an average rating of Buy and an average price target of $37.07.

NBL opened at $21.75 on Friday. The stock’s 50 day moving average is $21.47. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.66. Noble Energy has a 1 year low of $17.11 and a 1 year high of $36.27. The company has a market cap of $10.70 billion, a price-to-earnings ratio of 24.17 and a beta of 1.45.

Noble Energy (NYSE:NBL) last posted its quarterly earnings results on Friday, May 3rd. The oil and gas development company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.01). Noble Energy had a positive return on equity of 2.05% and a negative net margin of 19.63%. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1 billion. During the same quarter in the previous year, the business earned $0.35 earnings per share. Noble Energy’s revenue was down 18.2% compared to the same quarter last year. On average, equities research analysts anticipate that Noble Energy will post -0.13 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in NBL. Boston Partners lifted its stake in shares of Noble Energy by 53.6% in the 1st quarter. Boston Partners now owns 22,144,841 shares of the oil and gas development company’s stock valued at $547,642,000 after purchasing an additional 7,725,241 shares during the period. Norges Bank purchased a new position in shares of Noble Energy in the 4th quarter valued at approximately $81,451,000. Millennium Management LLC lifted its stake in shares of Noble Energy by 714.6% in the 4th quarter. Millennium Management LLC now owns 2,844,076 shares of the oil and gas development company’s stock valued at $53,355,000 after purchasing an additional 2,494,948 shares during the period. FMR LLC lifted its stake in shares of Noble Energy by 15.7% in the 4th quarter. FMR LLC now owns 18,352,750 shares of the oil and gas development company’s stock valued at $344,298,000 after purchasing an additional 2,491,587 shares during the period. Finally, Frontier Capital Management Co. LLC purchased a new position in shares of Noble Energy in the 1st quarter valued at approximately $46,274,000. Institutional investors own 99.16% of the company’s stock.

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. The company owns, operates, develops, and acquires domestic midstream infrastructure assets in the DJ and Delaware Basins.

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