UBS Maintains a 'Buy' on Noble Energy (NBL); Raising NAV for Leviathan and Niobrara

UBS maintains a 'Buy' on Noble Energy (NYSE: NBL), PT increased from $106 to $110.

UBS analyst says, "We see several catalysts that could propel NBL’s share prices: 1) Better than expected 1Q11 results on higher Israeli gas volumes due to Egyptian disruption (UBSe of $1.20/$3.02 vs. cons of $1.10/$2.79); 2) potential reduction in Egyptian exports to Israel may enable higher medium term production from Mari-B & accelerated development of Tamar; 3) large, but high risk, resource potential from 2 oil prospects at Leviathan albeit delayed till possibly 2H11 from May (~$5.0/sh on risk-adjusted basis); 4) 2H11 exploration & ongoing Niobrara results."

For more ratings news on Noble Energy click here and for the rating history of Noble Energy click here.

Shares of Noble Energy closed at $97.21 yesterday.

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