Noble Midstream Partners (NYSE:NBLX) Lifted to Outperform at Robert W. Baird

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Robert W. Baird upgraded shares of Noble Midstream Partners (NYSE:NBLX) from a neutral rating to an outperform rating in a report published on Tuesday, BenzingaRatingsTable reports. The firm currently has $29.00 price target on the energy company’s stock, up from their previous price target of $26.00.

NBLX has been the topic of a number of other research reports. Bank of America lowered their target price on Noble Midstream Partners from $42.00 to $35.00 and set a buy rating on the stock in a research note on Tuesday, September 10th. Scotiabank began coverage on Noble Midstream Partners in a research report on Tuesday, September 3rd. They set a sector perform rating and a $29.00 price target for the company. Zacks Investment Research downgraded Noble Midstream Partners from a buy rating to a hold rating in a report on Saturday, November 16th. Credit Suisse Group lowered Noble Midstream Partners from an outperform rating to a hold rating and lowered their price objective for the stock from $31.00 to $23.00 in a research report on Monday, November 25th. Finally, ValuEngine raised shares of Noble Midstream Partners from a buy rating to a strong-buy rating in a research note on Friday, November 29th. Seven equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Noble Midstream Partners has an average rating of Buy and an average price target of $33.36.

NBLX opened at $20.32 on Tuesday. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.66. Noble Midstream Partners has a 12-month low of $20.30 and a 12-month high of $40.30. The firm has a 50 day moving average of $22.84 and a two-hundred day moving average of $27.33. The firm has a market capitalization of $806.91 million, a PE ratio of 5.13, a P/E/G ratio of 0.51 and a beta of 1.35.

Noble Midstream Partners (NYSE:NBLX) last released its quarterly earnings data on Thursday, November 7th. The energy company reported $0.88 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.92 by ($0.04). The business had revenue of $169.32 million during the quarter, compared to analyst estimates of $170.05 million. Noble Midstream Partners had a return on equity of 11.62% and a net margin of 26.19%. As a group, analysts predict that Noble Midstream Partners will post 3.13 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, November 11th. Shareholders of record on Monday, November 4th were given a dividend of $0.6716 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $2.69 dividend on an annualized basis and a yield of 13.22%. This is an increase from Noble Midstream Partners’s previous quarterly dividend of $0.64. Noble Midstream Partners’s dividend payout ratio is currently 67.93%.

In related news, CEO Brent J. Smolik acquired 5,000 shares of Noble Midstream Partners stock in a transaction on Monday, November 18th. The stock was bought at an average cost of $21.50 per share, for a total transaction of $107,500.00. Following the completion of the transaction, the chief executive officer now owns 5,000 shares of the company’s stock, valued at approximately $107,500. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Andy Viens acquired 1,500 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were bought at an average cost of $21.79 per share, for a total transaction of $32,685.00. Following the completion of the acquisition, the director now owns 11,291 shares of the company’s stock, valued at $246,030.89. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 7,500 shares of company stock worth $161,735.

Several hedge funds and other institutional investors have recently made changes to their positions in NBLX. Alps Advisors Inc. increased its stake in shares of Noble Midstream Partners by 37.0% during the third quarter. Alps Advisors Inc. now owns 2,599,302 shares of the energy company’s stock worth $62,695,000 after purchasing an additional 701,574 shares in the last quarter. Tortoise Capital Advisors L.L.C. increased its stake in Noble Midstream Partners by 2.0% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 2,352,968 shares of the energy company’s stock worth $86,576,000 after buying an additional 47,204 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of Noble Midstream Partners by 12.7% during the third quarter. CIBC Private Wealth Group LLC now owns 1,166,691 shares of the energy company’s stock valued at $28,141,000 after acquiring an additional 131,208 shares during the last quarter. Eagle Global Advisors LLC raised its holdings in shares of Noble Midstream Partners by 7.0% during the second quarter. Eagle Global Advisors LLC now owns 1,095,837 shares of the energy company’s stock valued at $36,448,000 after acquiring an additional 71,896 shares during the last quarter. Finally, Cannell Peter B & Co. Inc. raised its holdings in shares of Noble Midstream Partners by 9.3% during the second quarter. Cannell Peter B & Co. Inc. now owns 1,020,425 shares of the energy company’s stock valued at $33,939,000 after acquiring an additional 86,425 shares during the last quarter. Institutional investors and hedge funds own 53.06% of the company’s stock.

About Noble Midstream Partners

Noble Midstream Partners LP owns, operates, develops, and acquires midstream infrastructure assets in the United States. It operates through three segments: Gathering Systems, Fresh Water Delivery, and Investments and Other. The company provides crude oil, natural gas, and water-related midstream services.

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Analyst Recommendations for Noble Midstream Partners (NYSE:NBLX)

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