UBS Maintains a 'Buy' on Noble Energy (NBL); One of the Cheapest Large-cap E&Ps on P/2P NAV

UBS maintains a 'Buy' on Noble Energy (NYSE: NBL) price target raised from $120 to $124.

UBS analyst says, "Raising estimates on higher oil production mix: We now forecast ‘12-13 production growth of 13% & 11%, above the peer group averages of 10% & 9%. We have raised 2012-13 estimates to $5.95/$16.15 and $6.05/$17.90 from pre-release estimates of $5.85/$15.65 & $5.45/$16.50. The increase to our forecasts is largely due to a more oil-weighted production mix as NBL shifts capex from dry gas Marcellus to the liquids-rich horizontal Niobrara play and higher than expected Equatorial Guinea oil volumes."

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 $103.53 yesterday.

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