Noble Midstream Partners (NBLX) Stock Price Down 7.6%

Shares of Noble Midstream Partners LP (NYSE:NBLX) were down 7.6% during mid-day trading on Monday . The company traded as low as $33.51 and last traded at $34.21. Approximately 709,800 shares changed hands during trading, an increase of 347% from the average daily volume of 158,801 shares. The stock had previously closed at $37.02.

A number of analysts have recently issued reports on NBLX shares. Robert W. Baird set a $59.00 price objective on shares of Noble Midstream Partners and gave the stock a “buy” rating in a report on Friday, August 10th. Citigroup lifted their price objective on shares of Noble Midstream Partners from $56.00 to $64.00 and gave the stock a “buy” rating in a report on Tuesday, July 31st. Wells Fargo & Co downgraded shares of Noble Midstream Partners from an “outperform” rating to a “market perform” rating in a report on Monday. Barclays dropped their price objective on shares of Noble Midstream Partners from $64.00 to $59.00 and set an “overweight” rating for the company in a report on Wednesday, August 29th. Finally, ValuEngine downgraded shares of Noble Midstream Partners from a “hold” rating to a “sell” rating in a report on Monday, August 13th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. Noble Midstream Partners currently has an average rating of “Buy” and a consensus target price of $59.00.

The stock has a market capitalization of $1.47 billion, a P/E ratio of 8.34 and a beta of 1.57. The company has a current ratio of 0.48, a quick ratio of 0.45 and a debt-to-equity ratio of 0.45.

Noble Midstream Partners (NYSE:NBLX) last issued its earnings results on Friday, August 3rd. The energy company reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.04. The company had revenue of $121.97 million for the quarter, compared to analysts’ expectations of $114.90 million. Noble Midstream Partners had a net margin of 45.55% and a return on equity of 21.14%. analysts expect that Noble Midstream Partners LP will post 3.99 earnings per share for the current year.

Large investors have recently modified their holdings of the stock. Baldwin Brothers Inc. MA purchased a new position in Noble Midstream Partners in the 2nd quarter worth $105,000. Stratos Wealth Partners LTD. purchased a new position in Noble Midstream Partners in the 1st quarter worth $103,000. Tower Research Capital LLC TRC purchased a new position in Noble Midstream Partners in the 2nd quarter worth $159,000. Franklin Parlapiano Turner & Welch LLC purchased a new position in Noble Midstream Partners in the 2nd quarter worth $204,000. Finally, Summit Trail Advisors LLC purchased a new position in Noble Midstream Partners in the 2nd quarter worth $211,000. Institutional investors own 56.43% of the company’s stock.

About Noble Midstream Partners (NYSE:NBLX)

Noble Midstream Partners LP owns, operates, develops, and acquires midstream infrastructure assets in the United States. The company provides crude oil, natural gas, and water-related midstream services. The company operates in the Denver-Julesburg Basin in Colorado and the Delaware Basin in Texas. The company was founded in 2014 and is based in Houston, Texas.

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