Noble Energy (NBL) Expected to Announce Quarterly Sales of $1.17 Billion

Equities research analysts expect that Noble Energy (NYSE:NBL) will report $1.17 billion in sales for the current quarter, according to Zacks. Eight analysts have provided estimates for Noble Energy’s earnings. The lowest sales estimate is $1.11 billion and the highest is $1.27 billion. Noble Energy reported sales of $1.04 billion in the same quarter last year, which would suggest a positive year over year growth rate of 12.5%. The business is scheduled to issue its next earnings results before the market opens on Tuesday, May 1st.

On average, analysts expect that Noble Energy will report full-year sales of $1.17 billion for the current fiscal year, with estimates ranging from $4.23 billion to $4.89 billion. For the next financial year, analysts anticipate that the firm will report sales of $5.17 billion per share, with estimates ranging from $4.74 billion to $5.58 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that cover Noble Energy.

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Noble Energy (NYSE:NBL) last issued its quarterly earnings data on Tuesday, February 20th. The oil and gas development company reported $0.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.28. Noble Energy had a positive return on equity of 1.46% and a negative net margin of 26.27%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the previous year, the firm earned $0.26 EPS. Noble Energy’s quarterly revenue was up 18.9% compared to the same quarter last year.

Several equities analysts recently issued reports on NBL shares. Mizuho set a $43.00 price objective on Noble Energy and gave the company a “buy” rating in a research report on Tuesday, January 16th. Morgan Stanley boosted their price objective on Noble Energy from $36.00 to $39.00 and gave the company an “overweight” rating in a research report on Wednesday, January 24th. JPMorgan Chase lowered Noble Energy from an “overweight” rating to a “neutral” rating and set a $30.00 price objective for the company. in a research report on Friday, December 15th. Bank of America boosted their target price on Noble Energy from $52.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, February 26th. Finally, Credit Suisse Group initiated coverage on Noble Energy in a research note on Monday, December 11th. They issued an “outperform” rating and a $35.00 target price on the stock. Two research analysts have rated the stock with a sell rating, three have given a hold rating and twenty-one have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $40.71.

In other news, Director James E. Craddock sold 8,500 shares of the company’s stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $31.35, for a total transaction of $266,475.00. Following 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 document filed with the SEC, which is available at the SEC website. Also, CFO Kenneth M. Fisher sold 7,621 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $28.80, for a total value of $219,484.80. Following the sale, the chief financial officer now owns 197,144 shares in the company, valued at approximately $5,677,747.20. The disclosure for this sale can be found here. Corporate insiders own 1.96% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Lucas Capital Management raised its stake in shares of Noble Energy by 18.7% during the 4th quarter. Lucas Capital Management now owns 12,700 shares of the oil and gas development company’s stock worth $372,000 after purchasing an additional 2,000 shares in the last quarter. Ellington Management Group LLC raised its stake in shares of Noble Energy by 12.6% during the 4th quarter. Ellington Management Group LLC now owns 17,900 shares of the oil and gas development company’s stock worth $522,000 after purchasing an additional 2,000 shares in the last quarter. Cadence Capital Management LLC raised its stake in shares of Noble Energy by 13.8% during the 3rd quarter. Cadence Capital Management LLC now owns 18,123 shares of the oil and gas development company’s stock worth $514,000 after purchasing an additional 2,201 shares in the last quarter. Meadow Creek Investment Management LLC raised its stake in Noble Energy by 9.6% in the 4th quarter. Meadow Creek Investment Management LLC now owns 26,124 shares of the oil and gas development company’s stock valued at $761,000 after acquiring an additional 2,296 shares during the period. Finally, Pacer Advisors Inc. raised its stake in Noble Energy by 31.3% in the 3rd quarter. Pacer Advisors Inc. now owns 9,976 shares of the oil and gas development company’s stock valued at $283,000 after acquiring an additional 2,378 shares during the period. Institutional investors own 95.64% of the company’s stock.

Shares of NBL traded down $1.07 on Tuesday, hitting $29.26. The company’s stock had a trading volume of 3,257,634 shares, compared to its average volume of 4,234,308. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.27 and a current ratio of 1.27. Noble Energy has a fifty-two week low of $22.99 and a fifty-two week high of $35.74. The firm has a market capitalization of $14,401.54, a PE ratio of 94.39 and a beta of 1.04.

Noble Energy announced that its Board of Directors has initiated a share repurchase program on Thursday, February 15th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the oil and gas development company to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

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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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Earnings History and Estimates for Noble Energy (NYSE:NBL)

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