Wells Fargo Downgrades Noble Energy (NBL) to Market Perform

Wells Fargo downgraded Noble Energy (NYSE: NBL) from Outperform to Market Perform and adjusted their price target range to $100-105 from $105-110.

The firm cited: (1.) DJ Basin midstream tightness that we think will limit growth in this core asset, (2) tightness is pushing company into higher-risk outlying DJ Basin acreage, (3.) geopolitical concerns in the Middle East and (4.) more appealing valuations elsewhere.

"Stated simply, the company holds appealing assets, but with shares trading in line with our large cap universe (4.9x 2013 EV/EBITDAX with peers at 5.0x), we prefer the risk-reward in fellow Outperform-rated large cap operators EOG (NYSEl EOG) ($109.50) and APC (NYSE: APC) ($68.29)."

The firm adjusting 2012E and 2013E EPS estimates to $4.42 and $6.34 from $4.79 and $6.46.

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 $94.11 yesterday.

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