Mizuho Securities Starts Noble Energy (NBL) at Buy

October 14, 2016 6:21 AM EDT
Get Alerts NBL Hot Sheet
Price: $39.90 +6.71%

Rating Summary:
    27 Buy, 6 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 9
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Mizuho Securities initiates coverage on Noble Energy (NYSE: NBL) with a Buy rating and a price target of $44.00.

Analyst Timothy Rezvan commented, "NBL shares appear poised to break out following YTD underperformance. Investor reticence to buy NBL shares, on fears of an imminent large/dilutive Permian Basin acquisition, is overdone in our view. Noble's 2015 Rosetta acquisition was prescient in our opinion, establishing a Delaware Basin footprint. A subsequent acquisition from this $22 billion EV company is unlikely to offset recent deleveraging efforts. We are also bullish on the underappreciated DJ Basin asset and Noble's diversified portfolio, given idiosyncratic risks are largely behind it (Colorado, Israel, balance sheet)."

For an analyst ratings summary and ratings history on Noble Energy click here. For more ratings news on Noble Energy click here.

Shares of Noble Energy closed at $35.45 yesterday.

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