Noble Energy Inc. (NBL) Rating Lowered to Neutral at Citigroup Inc.

Noble Energy Inc. (NYSE:NBL) was downgraded by research analysts at Citigroup Inc. from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday.

NBL has been the subject of a number of other reports. Scotiabank set a $38.00 price objective on Noble Energy and gave the company a “hold” rating in a research note on Monday, March 27th. Jefferies Group LLC reiterated a “buy” rating and set a $47.00 price objective on shares of Noble Energy in a research note on Friday, March 3rd. BidaskClub upgraded Noble Energy from a “strong sell” rating to a “sell” rating in a research note on Wednesday, June 14th. Piper Jaffray Companies reiterated an “overweight” rating and set a $47.00 price objective on shares of Noble Energy in a research note on Monday, May 8th. Finally, Evercore ISI reiterated an “outperform” rating and set a $40.00 price objective on shares of Noble Energy in a research note on Tuesday, May 2nd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Noble Energy has a consensus rating of “Buy” and an average target price of $44.53.

Analyst Recommendations for Noble Energy (NYSE:NBL)

Shares of Noble Energy (NBL) opened at 29.20 on Friday. The stock has a 50 day moving average of $30.20 and a 200-day moving average of $35.28. Noble Energy has a one year low of $27.92 and a one year high of $42.03. The stock’s market capitalization is $12.59 billion.

Noble Energy (NYSE:NBL) last announced its quarterly earnings data on Monday, May 1st. The oil and gas development company reported ($0.05) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.09. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $974.54 million. Noble Energy had a negative return on equity of 0.44% and a negative net margin of 17.75%. The firm’s revenue was up 43.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.53) EPS. Equities analysts forecast that Noble Energy will post ($0.01) earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, May 22nd. Stockholders of record on Monday, May 8th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.37%. The ex-dividend date was Thursday, May 4th. Noble Energy’s dividend payout ratio is currently -25.48%.

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Several institutional investors have recently added to or reduced their stakes in NBL. Russell Investments Group Ltd. bought a new position in Noble Energy during the fourth quarter valued at $5,045,000. Cadence Capital Management LLC increased its position in Noble Energy by 2.9% in the fourth quarter. Cadence Capital Management LLC now owns 15,067 shares of the oil and gas development company’s stock valued at $573,000 after buying an additional 428 shares in the last quarter. Commerzbank Aktiengesellschaft FI increased its position in Noble Energy by 47.8% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 15,363 shares of the oil and gas development company’s stock valued at $585,000 after buying an additional 4,968 shares in the last quarter. Comerica Bank increased its position in Noble Energy by 4.4% in the fourth quarter. Comerica Bank now owns 130,815 shares of the oil and gas development company’s stock valued at $4,891,000 after buying an additional 5,469 shares in the last quarter. Finally, Wetherby Asset Management Inc. increased its position in Noble Energy by 4.3% in the fourth quarter. Wetherby Asset Management Inc. now owns 6,085 shares of the oil and gas development company’s stock valued at $232,000 after buying an additional 249 shares in the last quarter. 97.42% of the stock is currently owned by hedge funds and other institutional investors.

About Noble Energy

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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