$1.14 Billion in Sales Expected for Noble Energy, Inc. (NBL) This Quarter

Equities analysts forecast that Noble Energy, Inc. (NYSE:NBL) will post sales of $1.14 billion for the current quarter, according to Zacks. Ten analysts have provided estimates for Noble Energy’s earnings, with the lowest sales estimate coming in at $1.06 billion and the highest estimate coming in at $1.22 billion. Noble Energy reported sales of $1.06 billion in the same quarter last year, which would suggest a positive year over year growth rate of 7.5%. The company is expected to issue its next quarterly earnings report on Thursday, August 2nd.

According to Zacks, analysts expect that Noble Energy will report full year sales of $4.84 billion for the current fiscal year, with estimates ranging from $4.56 billion to $5.14 billion. For the next year, analysts forecast that the firm will report sales of $5.68 billion per share, with estimates ranging from $5.22 billion to $6.20 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Noble Energy.

Noble Energy (NYSE:NBL) last posted its earnings results on Tuesday, May 1st. The oil and gas development company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.07. Noble Energy had a positive return on equity of 3.25% and a negative net margin of 13.32%. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the company earned ($0.05) earnings per share. Noble Energy’s revenue was up 24.1% on a year-over-year basis.

A number of research analysts have weighed in on the company. UBS Group assumed coverage on Noble Energy in a report on Wednesday, March 7th. They issued a “buy” rating and a $40.00 target price on the stock. Royal Bank of Canada set a $39.00 target price on Noble Energy and gave the company a “buy” rating in a report on Friday, April 13th. Johnson Rice raised Noble Energy from an “accumulate” rating to a “buy” rating and set a $40.00 target price on the stock in a report on Wednesday, April 25th. ValuEngine raised Noble Energy from a “sell” rating to a “hold” rating in a report on Thursday, May 17th. Finally, Sanford C. Bernstein raised Noble Energy from an “underperform” rating to a “market perform” rating and decreased their price objective for the stock from $37.67 to $22.99 in a research note on Tuesday, June 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company’s stock. Noble Energy currently has a consensus rating of “Buy” and an average target price of $40.30.

Noble Energy traded up $0.05, reaching $34.57, during trading on Monday, MarketBeat reports. The stock had a trading volume of 5,607,700 shares, compared to its average volume of 4,776,619. Noble Energy has a 52 week low of $22.99 and a 52 week high of $37.67. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.17 and a current ratio of 1.17. The company has a market cap of $16.63 billion, a price-to-earnings ratio of 111.52, a P/E/G ratio of 3.02 and a beta of 1.04.

Noble Energy announced that its board has initiated a stock repurchase program on Thursday, February 15th that allows the company to buyback $750.00 million in shares. This buyback authorization allows the oil and gas development company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Monday, May 21st. Investors of record on Monday, May 7th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, May 4th. This represents a $0.44 annualized dividend and a dividend yield of 1.27%. This is a boost from Noble Energy’s previous quarterly dividend of $0.10. Noble Energy’s dividend payout ratio (DPR) is currently 141.94%.

In other Noble Energy news, VP J. Keith Elliott sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, May 7th. The stock was sold at an average price of $33.27, for a total transaction of $199,620.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Andrea Lee Robison sold 8,760 shares of the firm’s stock in a transaction that occurred on Monday, May 21st. The shares were sold at an average price of $37.00, for a total value of $324,120.00. Following the transaction, the vice president now owns 100,918 shares of the company’s stock, valued at approximately $3,733,966. The disclosure for this sale can be found here. Insiders have sold 23,520 shares of company stock valued at $830,340 in the last quarter. 1.96% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tredje AP fonden grew its holdings in Noble Energy by 2.2% during the 1st quarter. Tredje AP fonden now owns 71,575 shares of the oil and gas development company’s stock valued at $2,169,000 after buying an additional 1,530 shares in the last quarter. United Capital Financial Advisers LLC grew its holdings in Noble Energy by 23.7% during the 1st quarter. United Capital Financial Advisers LLC now owns 9,510 shares of the oil and gas development company’s stock valued at $288,000 after buying an additional 1,823 shares in the last quarter. US Bancorp DE grew its holdings in Noble Energy by 7.8% during the 1st quarter. US Bancorp DE now owns 25,330 shares of the oil and gas development company’s stock valued at $767,000 after buying an additional 1,842 shares in the last quarter. Bank of Hawaii grew its holdings in Noble Energy by 8.4% during the 1st quarter. Bank of Hawaii now owns 24,126 shares of the oil and gas development company’s stock valued at $731,000 after buying an additional 1,865 shares in the last quarter. Finally, Ellington Management Group LLC grew its holdings in 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 valued at $522,000 after buying an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 98.58% of the company’s stock.

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

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