Noble Energy (NBL) Stock Advances on Raised Forecast
NEW YORK (TheStreet) -- Noble Energy (NBL) - Get Report stock is increasing by 6.16% to $38.07 in late morning trading on Monday, after the company reported its 2015 third quarter earnings results.
The independent energy company reported a loss of 21 cents per share for the most recent quarter, down from earnings of 28 cents per share for the year ago period.
Revenue decreased by 37% year over year, to $801 million from $1.27 billion for the 2014 third quarter.
Analysts surveyed by Thomson Reuters had forecast for a loss of 17 cents per share on revenue of $962.2 million.
Noble Energy raised its 2015 fourth quarter sales volume forecast to a range between 385,000 and 405,000 barrels of oil equivalent per day from a prior range between 375,000 and 400,000 barrels of oil equivalent per day. Sales volume for the third quarter was 379,000 barrels of oil equivalent per day.
The company now plans to spend slightly less than $3 billion this year.
"Noble Energy delivered tremendous performance in the third quarter," CEO David L. Stover said in a statement. "This was highlighted by material reductions in our quarterly capital and controllable unit costs, which were driven by continued operational efficiency gains throughout the business."
Separately, TheStreet Ratings team rates NOBLE ENERGY INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
We rate NOBLE ENERGY INC (NBL) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow.
You can view the full analysis from the report here: NBL
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