NEW YORK (TheStreet) -- Shares of Noble Energy Inc. (NBL) are up 5.29% to $70.28 after a compromise between U.S. Representative Jared Polis and Governor John Hickenlooper was announced today regarding Colorado's controversial fracking issues, removing anti-fracking measures from the state's November 4 ballot that would have allowed greater local control of the oil and gas industry, Bloomberg reports.
The governor and the representative said they've created an 18 member task force to study fracking in Colorado in an effort to appease critics who say drilling has caused too much disruption in communities, Bloomberg added.
Word of the announcement also affected companies with operations in the Rocky Mountains including Anadarko Petroleum (APC), up 5.02% to $110.92, and Whiting Petroleum (WLL), up 4.38% to $88.10 in late afternoon trading.
Separately, TheStreet Ratings team rates NOBLE ENERGY INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate NOBLE ENERGY INC (NBL) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."