The company reported a net income of$192 million, or 52 cents a share for the second quarter, down from $377 million, or $1.04 a share in the year-ago quarter. The drop was due to a $187 million loss on commodity derivatives.
Earnings for the second quarter came to 87 cents a share, beating analysts' estimates of 79 cents a share by 8 cents. Revenue grew 20.9% from the year-ago to $1.39 billion. Analysts surveyed by Zacks Investment Research expected revenue of $1.4 billion for the quarter.
Must read: Warren Buffett's 25 Favorite StocksSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. TheStreet Ratings team rates NOBLE ENERGY INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation: "We rate NOBLE ENERGY INC (NBL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity." NBL data by YCharts STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
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