Stifel Cuts Price Target on Noble Energy (NBL) to $37 Following Israel Supreme Court Ruling

Stifel maintained a Buy rating on Noble Energy (NYSE: NBL), and cut the price target to $37.00 (from $40.00), following Supreme Court of Israel ruling that the government should provide stability assurances through a legal mechanism outside of the country's Natural Gas Regulatory Framework.

Analyst Michael Scialla commented, "NBL under-performed (-8.2%) our peer group (-2.2%) today following last night's announcement that the Supreme Court of Israel ruled the government should provide stability assurances through a legal mechanism outside of the country's Natural Gas Regulatory Framework. The Court ruling will likely require a contract or legislation that could include a vote in the Knesset."

Sciallia continued, "The Court acknowledged the strategic national interest of Leviathan's timely development although its ruling likely pushes sanction of the project from this year to next and first production from 2019 to 2020."

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 $29.69 yesterday.

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