UBS Maintains a 'Buy' on Noble Energy (NBL); Highlights from NBL Analyst Meeting

UBS maintains a 'Buy' on Noble Energy (NYSE: NBL) price target raised $4 to $117.

UBS analyst says, "NBL unveiled a ’11-’16 production CAGR of 17%, above its prior LT target of 10% but its ’11-’15 production CAGR is in line with our prior estimate. Excluding 23 MBoed of asset sales, LT production CAGR would be ~100 bps higher. NBL also gave visibility post-2016, with an attractive 10-year production CAGR of >10%. NBL expects capex to climb from $3 bn in 2011 to $3.75 bn in ‘12 & $5bn in ‘16, above consensus & prior UBSe of $3.5bn in ‘12 & $4bn/annum L-T. NBL expects to turn FCF positive in ‘16, 1 year later than we had expected."

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 $94.45 yesterday.

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