Noble Midstream Partners (NYSE:NBLX) Downgraded to Neutral at Robert W. Baird

Robert W. Baird cut shares of Noble Midstream Partners (NYSE:NBLX) from an outperform rating to a neutral rating in a research note published on Thursday, BenzingaRatingsTable reports. They currently have $23.00 price objective on the energy company’s stock, down from their previous price objective of $27.00.

NBLX has been the subject of a number of other research reports. Barclays lowered shares of Noble Midstream Partners from an overweight rating to an equal weight rating and set a $29.00 target price for the company. in a research report on Tuesday, January 14th. Piper Sandler cut their target price on shares of Noble Midstream Partners from $26.00 to $25.00 and set a neutral rating for the company in a research report on Tuesday, January 21st. ValuEngine lowered shares of Noble Midstream Partners from a strong-buy rating to a buy rating in a research report on Wednesday, December 18th. Credit Suisse Group lowered shares of Noble Midstream Partners from an outperform rating to a hold rating and cut their target price for the stock from $31.00 to $23.00 in a research report on Monday, November 25th. Finally, Zacks Investment Research lowered shares of Noble Midstream Partners from a buy rating to a hold rating in a research report on Saturday, November 16th. Ten investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $30.75.

Shares of NBLX stock traded down $0.43 on Thursday, hitting $19.62. The company’s stock had a trading volume of 458,206 shares, compared to its average volume of 374,571. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.77 and a quick ratio of 0.77. Noble Midstream Partners has a fifty-two week low of $19.50 and a fifty-two week high of $40.30. The firm’s fifty day moving average price is $24.49 and its 200-day moving average price is $24.52. The stock has a market capitalization of $796.13 million, a price-to-earnings ratio of 4.95 and a beta of 1.35.

Noble Midstream Partners (NYSE:NBLX) last released its quarterly earnings data on Wednesday, February 12th. The energy company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.20. The business had revenue of $190.77 million during the quarter, compared to analyst estimates of $180.80 million. Noble Midstream Partners had a net margin of 26.19% and a return on equity of 11.62%. Analysts predict that Noble Midstream Partners will post 3.13 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Tuesday, February 4th will be given a dividend of $0.6878 per share. This is a positive change from Noble Midstream Partners’s previous quarterly dividend of $0.67. The ex-dividend date is Monday, February 3rd. This represents a $2.75 dividend on an annualized basis and a yield of 14.02%. Noble Midstream Partners’s payout ratio is currently 69.44%.

In related news, Director Andy Viens acquired 1,500 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were bought at an average price of $21.79 per share, for a total transaction of $32,685.00. Following the acquisition, the director now owns 11,291 shares in the company, valued at approximately $246,030.89. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Brent J. Smolik acquired 5,000 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were bought at an average price of $21.50 per share, for a total transaction of $107,500.00. Following the acquisition, the chief executive officer now owns 5,000 shares in the company, valued at approximately $107,500. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 7,500 shares of company stock valued at $161,735.

Several large investors have recently bought and sold shares of NBLX. Brookfield Public Securities Group LLC bought a new position in shares of Noble Midstream Partners during the 4th quarter worth about $46,063,000. Alps Advisors Inc. increased its holdings in shares of Noble Midstream Partners by 54.8% during the 4th quarter. Alps Advisors Inc. now owns 4,024,280 shares of the energy company’s stock worth $106,885,000 after purchasing an additional 1,424,978 shares during the period. Kayne Anderson Capital Advisors LP bought a new position in shares of Noble Midstream Partners during the 4th quarter worth about $34,507,000. FMR LLC increased its holdings in shares of Noble Midstream Partners by 113.1% during the 4th quarter. FMR LLC now owns 2,101,821 shares of the energy company’s stock worth $54,227,000 after purchasing an additional 1,115,518 shares during the period. Finally, Credit Suisse AG increased its holdings in shares of Noble Midstream Partners by 247.4% during the 4th quarter. Credit Suisse AG now owns 326,689 shares of the energy company’s stock worth $8,677,000 after purchasing an additional 232,663 shares during the period. Institutional investors own 53.02% of the company’s stock.

About Noble Midstream Partners

Noble Midstream Partners LP owns, operates, develops, and acquires midstream infrastructure assets in the United States. It operates through three segments: Gathering Systems, Fresh Water Delivery, and Investments and Other. The company provides crude oil, natural gas, and water-related midstream services.

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