NEW YORK (TheStreet) -- Noble Energy (NBL) - Get Report stock is down by 7.20% to $30.01 in late-morning trading on Monday, after Israel's High Court blocked the government's proposal to regulate the natural gas industry in a decision that could stall the development of an major oil field by Noble.
The court ruled against a stability clause that would have prevented major regulatory changes for 10 years, Bloomberg reports. The government has a year to update its plan.
The court's decision could delay the $5 billion to $6 billion development of the large Leviathan natural gas field off Israel's shores in the Mediterranean beyond 2019.
Last year, Israeli Prime Minister Benjamin Netanyahu reached a deal with Noble and its Israeli partner Delek Group that granted them control of Leviathan in exchange for the sale of smaller assets, Reuters notes.
Before oil prices plunged, Noble had estimated that government revenue and royalties from Leviathan exports would be more than $20 billion over a decade, according to Bloomberg.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.
Noble Energy's weaknesses include its deteriorating net income, disappointing return on equity, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: NBL
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.