Noble Energy Reaches 52-Week High - Analyst Blog
10 Aprile 2013 - 5:00PM
Zacks
On Apr 9, 2013, shares of
Noble Energy Inc. (NBL) hit a 52-week high of
$117.70. Noble Energy registered positive earnings surprises in
eight of the last ten quarters, with an average beat of 15.56%.
In 4Q12, the company reported strong results, with earnings of
$1.65 per share increasing 6.4% from the 4Q11 level. Total revenue
of $1.16 billion surpassed the year-ago figure of $0.9 billion by
30.1%. The year-over-year rise in revenue was attributable to
a superior performance from the crude oil and condensate
segment.
The company continues to make strategic investment to strengthen
its position in the global market. After beginning operation in
Aseng, offshore Equatorial Guinea in 2011 and Galapagos, in the
deepwater Gulf of Mexico in 2012, the company successfully started
operation in Tamar natural gas field offshore Israel in Apr 2013.
The company is scheduled to begin operation in Alen, offshore
Equatorial Guinea in the third quarter of 2013.
In addition, new exploration opportunities in Nevada, the Falklands
and Sierra Leone and $1 billion generated from divestiture of
non-core assets will enable the company to concentrate more on its
core operations.
All these activities will strengthen Noble Energy’s competitive
position and boost its financials. Noble Energy projects 2013 sales
volume in the range 270 thousand barrels oil equivalent per day
(MBoe/d) to 282 MBoe/d, up from 239 MBoe/d sold in 2012.
We expect long-term earnings growth of 8.9% on the back of a 4.15%
top-line increase. The Zacks Consensus Estimate for 2013 is $6.39
reflecting year-over-year growth of 29.02%.
The present valuation also makes the company attractive. Shares of
American Water Works Company currently trade at 18.33x 12-month
forward earnings, a 9.9% discount to the peer group average of
20.34x. In addition, ROE of the company is 11.7%, higher than the
peer group average of 7%.
The company has consistently paid dividends to its shareholders and
repurchased shares to enhance shareholder value. Noble Energy
disbursed $168 million as dividend and repurchased shares worth $13
million in 2012. The quarterly dividend rate was raised to 25 cents
from 22 cents in Oct 2012
Noble Energy currently carries a Zacks Rank #3 (Buy). Other
independent oil and gas companies like EPL Oil & Gas
Inc. (EPL), Range Resources Corporation
(RRC) and Stone Energy Corp.(SGY) look better
positioned with a Zacks Rank #1( Strong Buy).
Based in Houston, Texas, Noble
Energy was founded in 1932. It operates internationally and engages
in the acquisition, exploration, development, production, and
marketing of crude oil, natural gas and natural gas liquids.
EPL OIL&GAS INC (EPL): Free Stock Analysis Report
NOBLE ENERGY (NBL): Free Stock Analysis Report
RANGE RESOURCES (RRC): Free Stock Analysis Report
STONE ENERGY CP (SGY): Free Stock Analysis Report
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