Noble Energy (NBL) PT Bumped to $46 at Jefferies Following Investor Call
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Jefferies analyst Jonathan Wolff reiterated a Buy rating and bumped his price target on Noble Energy (NYSE: NBL) to $46.00 (from $45.00) following an investor call.
Wolff commented, "NBL management hosted an investor call which detailed long-term growth and gave initial production/capex guidance for 2017. NBL guided to an overall portfolio growth CAGR of 8-12% that is internally funded and generated by existing assets in the US onshore and Eastern Mediterranean. We continue to favor NBL for its returns-based, capital efficient model. We are raising our RAAV-based PT to $46 from $45."
The firm raised FY 2016 EPS from ($1.22) to ($0.96) and FY 2017 EPS from ($0.52) to ($0.40).
Shares of Noble Energy closed at $36.61 yesterday.
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