Noble Energy to Split Stock, Ups Div - Analyst Blog
23 Aprile 2013 - 4:40PM
Zacks
Board of directors of Noble
Energy Inc. (NBL) announced a 12% hike in its quarterly
dividend to 28 cents per share from the previous 25 cents. The
dividend will be paid to shareholders of record on May 6, 2013. The
board also approved a two-for-one stock split for the purpose of
luring new investors to the stock.
The stock trading at the
split-adjusted price will be initiated from May 29, 2013. The
company will allocate the additional stakes on May 28, 2013 to
shareholders of record at the close of business on May 14, 2013.
Noble Energy is known for providing
substantial dividend raise to investors and has consistently
increased it for the last three years. In Oct 2012, the company
increased dividend by 13.6%.
Both these strategic moves will
strengthen existing investor confidence. The stock split will
benefit stockholders as it will provide an opportunity to sell
their holdings to a wider base of investors.
The company’s solid financial
position and positive results from its African and Eastern
Mediterranean operations prompted the company to increase its
dividend level. Noble Energy’s cash flow at the end of 2012 was
$2,933.0 million, up 35.2% from 2011. It was also successful in
reducing its debt level by 8.3% in 2012 from that of 2011.
Noble Energy’s Tamar natural gas
field has come online which will offer handsome returns to the
company. Further, its domestic prospects like the liquefied natural
gas facility in Colorado and high quality exploration ventures in
Nevada also looks promising. Currently it carries a Zacks Rank #3
(Hold).
Other oil and gas stocks that
warrant a look are Quicksilver Resources Inc.
(KWK), EPL Oil & Gas Inc. (EPL) and
Range Resource Corporation (RRC). All the above
presently hold a Zacks Rank #1 (Strong Buy).
Based in Houston TX, Noble Energy,
an independent energy company, engages in the acquisition,
exploration, development, production, and marketing of crude oil,
natural gas, and natural gas liquids in the United States and
worldwide.
EPL OIL&GAS INC (EPL): Free Stock Analysis Report
QUICKSILVER RES (KWK): Free Stock Analysis Report
NOBLE ENERGY (NBL): Free Stock Analysis Report
RANGE RESOURCES (RRC): Free Stock Analysis Report
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