Noble Midstream Partners (NBLX) Sees Large Volume Increase on Analyst Upgrade

Noble Midstream Partners LP (NYSE:NBLX) saw an uptick in trading volume on Wednesday after Credit Suisse Group raised their price target on the stock from $47.00 to $54.00. Credit Suisse Group currently has an outperform rating on the stock. 895,457 shares traded hands during mid-day trading, an increase of 418% from the previous session’s volume of 172,765 shares.The stock last traded at $41.76 and had previously closed at $35.60.

Several other analysts have also recently commented on NBLX. Zacks Investment Research cut Noble Midstream Partners from a “hold” rating to a “sell” rating in a report on Friday, November 2nd. ValuEngine cut Noble Midstream Partners from a “hold” rating to a “sell” rating in a report on Monday, August 13th. Mitsubishi UFJ Financial Group reduced their price target on Noble Midstream Partners to $57.00 and set an “overweight” rating for the company in a report on Friday, November 2nd. Citigroup raised their price target on Noble Midstream Partners from $56.00 to $64.00 and gave the company a “buy” rating in a report on Tuesday, July 31st. Finally, Bank of America raised their price target on Noble Midstream Partners from $49.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $57.50.

Hedge funds have recently modified their holdings of the stock. Tortoise Index Solutions LLC raised its holdings in shares of Noble Midstream Partners by 57.1% in the third quarter. Tortoise Index Solutions LLC now owns 3,746 shares of the energy company’s stock worth $133,000 after acquiring an additional 1,361 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Noble Midstream Partners by 31.2% in the second quarter. Bank of New York Mellon Corp now owns 6,155 shares of the energy company’s stock worth $314,000 after acquiring an additional 1,462 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Noble Midstream Partners by 2.7% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 58,539 shares of the energy company’s stock worth $2,989,000 after acquiring an additional 1,539 shares during the last quarter. Baldwin Brothers Inc. MA acquired a new position in shares of Noble Midstream Partners in the second quarter worth $105,000. Finally, Tower Research Capital LLC TRC acquired a new position in shares of Noble Midstream Partners in the second quarter worth $159,000. 56.37% of the stock is owned by hedge funds and other institutional investors.

The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of 9.77, a price-to-earnings-growth ratio of 0.61 and a beta of 1.28. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.68 and a quick ratio of 0.66.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 13th. Stockholders of record on Monday, November 5th will be given a $0.5597 dividend. The ex-dividend date is Friday, November 2nd. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.59%. This is an increase from Noble Midstream Partners’s previous quarterly dividend of $0.53. Noble Midstream Partners’s payout ratio is currently 54.63%.

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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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