Noble Energy (NYSE:NBL) has been assigned a $40.00 target price by research analysts at Credit Suisse Group in a research report issued to clients and investors on Friday. The brokerage currently has a “buy” rating on the oil and gas development company’s stock. Credit Suisse Group’s price objective would suggest a potential upside of 24.61% from the company’s current price.
NBL has been the subject of a number of other reports. Jefferies Group set a $38.00 price objective on shares of Noble Energy and gave the company a “buy” rating in a research note on Tuesday, January 30th. UBS initiated coverage on shares of Noble Energy in a research note on Wednesday, March 7th. They set a “buy” rating and a $40.00 price objective for the company. Seaport Global Securities raised shares of Noble Energy from a “neutral” rating to a “buy” rating in a research note on Tuesday, December 19th. Stifel Nicolaus set a $42.00 price objective on shares of Noble Energy and gave the company a “buy” rating in a research note on Monday, December 18th. Finally, JPMorgan Chase lowered shares of Noble Energy from an “overweight” rating to a “neutral” rating and set a $30.00 price objective for the company. in a research note on Friday, December 15th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $40.90.
NBL stock opened at $32.10 on Friday. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.64. Noble Energy has a one year low of $22.99 and a one year high of $35.51. The stock has a market cap of $15,504.05, a price-to-earnings ratio of 103.55 and a beta of 1.04.
Noble Energy declared that its board has approved a share repurchase program on Thursday, February 15th that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the oil and gas development company to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In related news, CFO Kenneth M. Fisher sold 7,621 shares of the 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 transaction, the chief financial officer now owns 197,144 shares in the company, valued at $5,677,747.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director James E. Craddock sold 8,500 shares of the stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $31.35, for a total value of $266,475.00. Following the completion of the transaction, the director now owns 93,413 shares in the company, valued at approximately $2,928,497.55. The disclosure for this sale can be found here. Corporate insiders own 1.96% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in NBL. Hexavest Inc. acquired a new position in Noble Energy in the fourth quarter worth approximately $38,964,000. Amundi Pioneer Asset Management Inc. acquired a new position in Noble Energy in the fourth quarter worth approximately $29,414,000. Alliancebernstein L.P. increased its holdings in Noble Energy by 22.4% in the fourth quarter. Alliancebernstein L.P. now owns 3,984,847 shares of the oil and gas development company’s stock worth $116,118,000 after buying an additional 728,937 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Noble Energy by 16.2% in the fourth quarter. Bank of New York Mellon Corp now owns 4,258,901 shares of the oil and gas development company’s stock worth $124,105,000 after buying an additional 593,180 shares during the last quarter. Finally, Oslo Asset Management AS increased its holdings in Noble Energy by 523.9% in the fourth quarter. Oslo Asset Management AS now owns 666,173 shares of the oil and gas development company’s stock worth $19,412,000 after buying an additional 559,400 shares during the last quarter. Hedge funds and other institutional investors own 95.64% of the company’s stock.
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Noble Energy Company Profile
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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