Noble Energy (NBL) Stock Closed Higher as Antitrust Commissioner Blocking Gasfield Deal Quits

NEW YORK (TheStreet) -- Shares of Noble Energy (NBL) closed up 0.8% to $44.15 on high trading volume in Tuesday's trading after Israel's anti-monopoly regulator David Gilo said on Monday that he would step down in August, a move that could potentially resolve the dispute that has stalled Noble's investments there, Reuters reported.

Antitrust Commissioner Gilo has been pushing to open the energy sector to competition, as he caused an uproar in December when he ruled that Noble Energy and downstream energy company Delek US Holdings (DK) may constitute a monopoly over their control of gas fields Leviathan and Tamar.

His resignation follows Israeli government's push to speed up development of the gas field at the expense of bringing in new competition, according to Reuters.

"The government, especially the prime minister's office and Finance and Energy Ministries, will do everything they can to promote the outline that is being drafted for the natural gas market - an outline I am convinced will not bring competition in this important market," said Gilo.

Noble Energy is a Houston-based independent energy company that engages in the acquisition, exploration, and production of crude oil.

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 unimpressive growth in net income, disappointing return on equity and weak operating cash flow."

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