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Los Angeles Capital Management & Equity Research Inc. Cuts Stake in Noble Energy, Inc. (NYSE:NBL)

By August 19, 2019 No Comments

Los Angeles Capital Management & Equity Research Inc. reduced its position in Noble Energy, Inc. (NYSE:NBL) by 41.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 56,795 shares of the oil and gas development company’s stock after selling 40,539 shares during the quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in Noble Energy were worth $1,272,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Riverhead Capital Management LLC grew its holdings in Noble Energy by 25.6% in the first quarter. Riverhead Capital Management LLC now owns 82,129 shares of the oil and gas development company’s stock worth $2,031,000 after purchasing an additional 16,750 shares during the last quarter. Advisor Partners LLC purchased a new position in Noble Energy in the first quarter worth $271,000. IFM Investors Pty Ltd grew its holdings in Noble Energy by 30.5% in the second quarter. IFM Investors Pty Ltd now owns 37,038 shares of the oil and gas development company’s stock worth $830,000 after purchasing an additional 8,664 shares during the last quarter. Oppenheimer Asset Management Inc. grew its holdings in Noble Energy by 11.2% in the first quarter. Oppenheimer Asset Management Inc. now owns 344,367 shares of the oil and gas development company’s stock worth $8,516,000 after purchasing an additional 34,769 shares during the last quarter. Finally, Guinness Asset Management Ltd grew its holdings in Noble Energy by 14.7% in the first quarter. Guinness Asset Management Ltd now owns 428,525 shares of the oil and gas development company’s stock worth $10,597,000 after purchasing an additional 55,000 shares during the last quarter. 97.87% of the stock is currently owned by institutional investors and hedge funds.

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. raised shares of Noble Energy from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $28.00 to $32.00 in a report on Monday, April 29th. Morgan Stanley cut their price target on shares of Noble Energy from $33.00 to $30.00 and set an “overweight” rating on the stock in a report on Friday, July 12th. UBS Group set a $34.00 price objective on shares of Noble Energy and gave the stock a “buy” rating in a research note on Thursday, May 16th. ValuEngine upgraded shares of Noble Energy from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Barclays upgraded shares of Noble Energy from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $26.00 to $33.00 in a research note on Tuesday, April 30th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $35.20.

NYSE:NBL opened at $21.51 on Friday. Noble Energy, Inc. has a 12 month low of $17.11 and a 12 month high of $32.73. The firm has a fifty day simple moving average of $21.67 and a 200-day simple moving average of $22.97. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $10.15 billion, a P/E ratio of 106.10 and a beta of 1.41.

Noble Energy (NYSE:NBL) last posted its earnings results on Friday, August 2nd. The oil and gas development company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.03. The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.05 billion. Noble Energy had a negative net margin of 19.93% and a positive return on equity of 0.87%. During the same period in the previous year, the firm posted $0.17 earnings per share. Equities analysts forecast that Noble Energy, Inc. will post -0.34 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 19th. Investors of record on Monday, August 5th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, August 2nd. This represents a $0.48 dividend on an annualized basis and a yield of 2.23%. Noble Energy’s dividend payout ratio is presently 53.33%.

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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Institutional Ownership by Quarter for Noble Energy (NYSE:NBL)

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