Ares Management LLC Takes Position in Noble Energy Inc. (NBL)
Ares Management LLC purchased a new position in Noble Energy Inc. (NYSE:NBL) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 17,645,373 shares of the oil and gas development company’s stock, valued at approximately $499,364,000. Noble Energy accounts for approximately 12.2% of Ares Management LLC’s investment portfolio, making the stock its 3rd biggest position. Ares Management LLC owned about 3.74% of Noble Energy as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of the business. HighTower Advisors LLC grew its stake in Noble Energy by 0.4% in the first quarter. HighTower Advisors LLC now owns 12,644 shares of the oil and gas development company’s stock valued at $434,000 after acquiring an additional 52 shares during the period. Fifth Third Bancorp increased its holdings in shares of Noble Energy by 5.5% during the first quarter. Fifth Third Bancorp now owns 2,913 shares of the oil and gas development company’s stock valued at $100,000 after acquiring an additional 153 shares in the last quarter. Cadence Capital Management LLC increased its holdings in shares of Noble Energy by 1.0% during the second quarter. Cadence Capital Management LLC now owns 15,922 shares of the oil and gas development company’s stock valued at $451,000 after acquiring an additional 163 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Noble Energy by 2.3% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 8,842 shares of the oil and gas development company’s stock valued at $304,000 after acquiring an additional 203 shares in the last quarter. Finally, Pacer Advisors Inc. raised its position in shares of Noble Energy by 3.2% during the first quarter. Pacer Advisors Inc. now owns 7,018 shares of the oil and gas development company’s stock worth $241,000 after purchasing an additional 220 shares during the period. Institutional investors and hedge funds own 91.68% of the company’s stock.
A number of analysts have commented on NBL shares. Scotiabank restated a “hold” rating and set a $38.00 price target on shares of Noble Energy in a research note on Friday, June 30th. Citigroup Inc. lowered their price objective on shares of Noble Energy from $45.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, July 21st. Tudor Pickering raised shares of Noble Energy from a “hold” rating to a “buy” rating in a research note on Tuesday, June 6th. Seaport Global Securities lowered shares of Noble Energy from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $36.00 to $23.00 in a research note on Wednesday, June 21st. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $38.00 price objective on shares of Noble Energy in a report on Thursday, July 20th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $41.30.
Noble Energy Inc. (NBL) traded up 0.04% during midday trading on Wednesday, hitting $28.22. 2,428,948 shares of the company were exchanged. Noble Energy Inc. has a 1-year low of $22.99 and a 1-year high of $42.03. The stock has a 50 day moving average of $25.42 and a 200-day moving average of $29.10. The stock’s market capitalization is $13.32 billion.
Noble Energy (NYSE:NBL) last announced its quarterly earnings results on Thursday, August 3rd. The oil and gas development company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.18. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.05 billion. Noble Energy had a negative net margin of 46.63% and a positive return on equity of 0.86%. The business’s quarterly revenue was up 25.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.24) EPS. Equities analysts expect that Noble Energy Inc. will post ($0.16) earnings per share for the current year.
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About Noble Energy
Noble Energy, Inc is an independent energy company. The Company is engaged in crude oil, natural gas and natural gas and natural gas liquids (NGLs) exploration, development, production and acquisition. The Company’s segments include: United States, including the onshore DJ Basin, Permian Basin, Eagle Ford Shale, Marcellus Shale and offshore deepwater Gulf of Mexico, as well as the consolidated accounts of Noble Midstream Partners LP (Noble Midstream Partners); Eastern Mediterranean, including offshore Israel and Cyprus; West Africa, including offshore Equatorial Guinea, Cameroon and Gabon, and Other International and Corporate, including new ventures, such as offshore the Falkland Islands, Suriname and Newfoundland.
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