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Noble Energy Hits 52-Week High on Steady Growth Initiatives
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Noble Energy Inc. hit a new 52-week high of $35.63 during yesterday’s trading session before closing a tad lower at $35.56. In a year’s time, the stock has delivered a return of 15.7% outperforming its industry’s rally of 10.0%.
Over the past 52 weeks, Noble Energy’s share price has ranged from a low of $22.99 to a high of $35.63. The average volume of shares traded over the past three months is approximately 4.65 million.
What’s Driving the Rally?
Noble Energy’s shares have been on the rise following first-quarter 2018 results, declared on May 1. The company posted first-quarter earnings of 35 cents per share, surpassing the Zacks Consensus Estimate by 25.0%. Moreover, revenues also surpassed the Zacks Consensus Estimate by 7.3%.
Noble Energy has been a consistent performer, having delivered positive earnings surprise in each of the last four quarters, resulting in an average of 237.02%.
Noble Energy is currently focusing on its best-return assets. Thanks to the expected robust performance from its high-quality assets, Noble Energy revised its 2018 sales volume upward to the range of 350-360 thousand barrels of oil equivalent per day (MBoe/d), up from the prior range of 343-353 MBoe/d.
Solid production from Noble Energy’s organic and inorganic assets and increasing demand from both international and domestic assets have been driving its results. Noble will invest nearly 70% of its planned capital expenditure for 2018 on its U.S. onshore assets.
Thanks to its strong performance, the Zacks Consensus Estimate for 2018 and 2019 has moved up to $1.11 and $1.64, respectively, in the past 60 days. The 2018 and 2019 earnings estimates increased 24.7% and 20.6%, respectively, in the same time frame.
Zacks Rank and Stocks to Consider
Noble Energy currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks from the same space worth considering are Bonanza Creek Energy, Inc. , WildHorse Resource Development Corporation and GeoPark Limited (GPRK - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Bonanza Creek Energy reported a positive earnings surprise of 50.70% in the last reported quarter. Its 2018 and 2019 estimates have moved up 14.5% and 43.9%, respectively, in the past 60 days.
WildHorse Resource Development delivered a positive earnings surprise of 32.35% in the last reported quarter. Its 2018 and 2019 estimates have moved up 17.7% and 27.9%, respectively, over the past 60 days.
GeoPark Limited’s 2018 and 2019 earnings estimates have moved up 65.3% and 25.8%, respectively, in the past 60 days.
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With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
Image: Bigstock
Noble Energy Hits 52-Week High on Steady Growth Initiatives
Noble Energy Inc. hit a new 52-week high of $35.63 during yesterday’s trading session before closing a tad lower at $35.56. In a year’s time, the stock has delivered a return of 15.7% outperforming its industry’s rally of 10.0%.
Over the past 52 weeks, Noble Energy’s share price has ranged from a low of $22.99 to a high of $35.63. The average volume of shares traded over the past three months is approximately 4.65 million.
What’s Driving the Rally?
Noble Energy’s shares have been on the rise following first-quarter 2018 results, declared on May 1. The company posted first-quarter earnings of 35 cents per share, surpassing the Zacks Consensus Estimate by 25.0%. Moreover, revenues also surpassed the Zacks Consensus Estimate by 7.3%.
Noble Energy has been a consistent performer, having delivered positive earnings surprise in each of the last four quarters, resulting in an average of 237.02%.
Noble Energy is currently focusing on its best-return assets. Thanks to the expected robust performance from its high-quality assets, Noble Energy revised its 2018 sales volume upward to the range of 350-360 thousand barrels of oil equivalent per day (MBoe/d), up from the prior range of 343-353 MBoe/d.
Solid production from Noble Energy’s organic and inorganic assets and increasing demand from both international and domestic assets have been driving its results. Noble will invest nearly 70% of its planned capital expenditure for 2018 on its U.S. onshore assets.
Thanks to its strong performance, the Zacks Consensus Estimate for 2018 and 2019 has moved up to $1.11 and $1.64, respectively, in the past 60 days. The 2018 and 2019 earnings estimates increased 24.7% and 20.6%, respectively, in the same time frame.
Zacks Rank and Stocks to Consider
Noble Energy currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks from the same space worth considering are Bonanza Creek Energy, Inc. , WildHorse Resource Development Corporation and GeoPark Limited (GPRK - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Bonanza Creek Energy reported a positive earnings surprise of 50.70% in the last reported quarter. Its 2018 and 2019 estimates have moved up 14.5% and 43.9%, respectively, in the past 60 days.
WildHorse Resource Development delivered a positive earnings surprise of 32.35% in the last reported quarter. Its 2018 and 2019 estimates have moved up 17.7% and 27.9%, respectively, over the past 60 days.
GeoPark Limited’s 2018 and 2019 earnings estimates have moved up 65.3% and 25.8%, respectively, in the past 60 days.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
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