Company Update (NYSE:NBL): Israeli PM sets aside anti-trust ruling, gives go-ahead for Leviathan gas field

[Reuters – UK Focus] – After years of political infighting, Israeli Prime Minister Benjamin Netanyahu signed a deal on Thursday giving long-awaited approval for the development of the Leviathan natural gas field off Israel’s coast. As part of the deal, Texas-based Noble Energy (NYSE: NBL – news) and Israel’s Delek Group (Other OTC: DGRLY – news) , which discovered Leviathan in 2010, will retain control of the field, but are being forcing to sell other, smaller assets. Read more on this. Noble Energy, Inc. (NBL) , with a current market cap of $13.29B, began trading this morning at $32.48. Looking at the equity, the company’s one day range is $30.51 to $32.57 with a trailing 52-week range being $29.13 to $53.68. NBL shares are currently priced at 324.20x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s -8.11x earnings multiple for the same period. The company pays shareholders $0.72 per share annually in dividends, yielding 2.27%. Consensus earnings for the current quarter by the 31 sell-side analysts covering the stock is an estimate of $0.02 per share, which would be $0.36 worse than the year-ago quarter and a $0.01 sequential increase. What we find to be interesting is that the full-year EPS estimate of $0.10 is a $2.26 worse when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $1.06 Billion. If reported, that would be a 0.93% decrease over the year-ago quarter. Recently, BofA/Merrill downgraded NBL from Buy to Neutral (Aug 24, 2015). Previously, Nomura upgraded NBL from Reduce to Neutral. Given all the information above, we should disclose to readers that the average price target is $44.76, which is 37.81% above than it opened this morning. See more in (NYSE:NBL) Similar Articles: Company Update (NYSE:NBL): Noble Energy Declares Quarterly Dividend Company Update (NYSE:NBL): Israel’s Delek Group eyes London share listing in 2016-source Company Update (NYSE:NBL): Noble Energy Announces Final Results of Exchange Offers
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