Noble Midstream Partners (NBLX) Given New $58.00 Price Target at Bank of America

Noble Midstream Partners (NYSE:NBLX) had its price objective hoisted by Bank of America from $49.00 to $58.00 in a research note published on Wednesday, Marketbeat Ratings reports. The brokerage currently has a buy rating on the energy company’s stock.

NBLX has been the subject of several other reports. Credit Suisse Group began coverage on shares of Noble Midstream Partners in a report on Thursday, October 11th. They set an outperform rating and a $47.00 price objective for the company. Citigroup upped 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, September 24th. ValuEngine downgraded shares of Noble Midstream Partners from a sell rating to a strong sell rating in a report on Tuesday, August 28th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $57.50.

Shares of NYSE NBLX traded down $1.96 during trading hours on Wednesday, hitting $38.11. 239,882 shares of the stock were exchanged, compared to its average volume of 254,991. The company has a current ratio of 0.68, a quick ratio of 0.66 and a debt-to-equity ratio of 0.43. The company has a market cap of $1.66 billion, a P/E ratio of 10.14, a P/E/G ratio of 0.71 and a beta of 1.28. Noble Midstream Partners has a one year low of $33.17 and a one year high of $57.98.

Noble Midstream Partners (NYSE:NBLX) last posted its quarterly earnings data on Thursday, November 1st. The energy company reported $1.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.00 by $0.09. The business had revenue of $139.16 million during the quarter, compared to the consensus estimate of $119.25 million. Noble Midstream Partners had a net margin of 38.18% and a return on equity of 15.89%. Equities research analysts forecast that Noble Midstream Partners will post 3.99 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 13th. Shareholders of record on Monday, November 5th will be issued a $0.5597 dividend. The ex-dividend date of this dividend is Friday, November 2nd. This is an increase from Noble Midstream Partners’s previous quarterly dividend of $0.53. This represents a $2.24 dividend on an annualized basis and a yield of 5.87%. Noble Midstream Partners’s dividend payout ratio is 54.63%.

A number of institutional investors have recently modified their holdings of the business. Tortoise Capital Advisors L.L.C. boosted its holdings in Noble Midstream Partners by 17.0% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 2,603,168 shares of the energy company’s stock valued at $92,178,000 after purchasing an additional 378,046 shares during the period. Cannell Peter B & Co. Inc. boosted its holdings in Noble Midstream Partners by 8.7% in the 3rd quarter. Cannell Peter B & Co. Inc. now owns 942,075 shares of the energy company’s stock valued at $33,359,000 after purchasing an additional 75,490 shares during the period. Perella Weinberg Partners Capital Management LP boosted its holdings in Noble Midstream Partners by 51.7% in the 2nd quarter. Perella Weinberg Partners Capital Management LP now owns 803,065 shares of the energy company’s stock valued at $41,004,000 after purchasing an additional 273,727 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Noble Midstream Partners in the 2nd quarter valued at $37,714,000. Finally, Morgan Stanley boosted its holdings in Noble Midstream Partners by 24.9% in the 2nd quarter. Morgan Stanley now owns 707,259 shares of the energy company’s stock valued at $36,112,000 after purchasing an additional 141,108 shares during the period. 56.37% of the stock is owned by hedge funds and other institutional investors.

Noble Midstream Partners Company Profile

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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