Noble Energy (NBL) PT Rises to $42 - Jefferies

Jefferies analyst, Jonathan Wolff, thinks Noble Energy (NYSE: NBL) low-decline asset base from legacy offshore assets creates an embedded oil and gas 'call option' with incremental Israel gas sales. He raised his PT to $42 (from $38) to reflect asset sale accretion and a more efficient growth outlook.

FY16 production guidance was raised, with Capex likely to come in lower. NBL raised FY16 production guidance to 405 Mboe/d from 390 Mboe/d. 1Q capex of $374 MM came in below NBL’s guidance range of $400-$500 MM, and FY16 capex is now anticipated to come in below NBL’s $1.5 B guidance.

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 $35.59 yesterday.

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