Barclays Maintains an 'Overweight' on Noble Energy (NBL); Production Accelerating; Raising Estimates

Barclays maintains an 'Overweight' on Noble Energy (NYSE: NBL) price target raised from $107 to $111.

Barclays analyst says, "Near-term start-ups in the deep GOM and West Africa plus new Marcellus volumes and growing Niobrara could add 15% to production and 25% to revenues by Q1 vs Q211. Longer term, we expect double-digit growth. 11/15 analyst day could be a catalyst."

"Near-term projects should add 35-40Mboepd by the end of Q1 vs. Q211A
215Mboepd. Aseng and Galapagos should start by YE11 and quickly reach
27Mboepd of high-quality crude. Niobrara and the Marcellus purchase could add ~10 Mboepd." (Barclays boosts FY12 EPS estimate from $6.75 to $7.35)

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 $79.48 yesterday.

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