NEW YORK (TheStreet) -- Shares of Noble Energy  (NBL - Get Report) are flat at $35.62 in pre-market trading on Monday as oil prices continue to slip.

Crude oil (WTI) is down by 1.74% to $47.57 per barrel and Brent crude is lower by 1.6% to $48.94 per barrel, CNBC reports this morning.

The decline in the price of oil is due to concerns that the global supply glut will continue to outpace demand. Power outages in North America and Africa were driving the price of oil up but they have since subsided, causing traders to focus on growing the supply again, MarketWatch reports.

Meanwhile, Nomura raised its price target on Noble Energy to $41 from $36 and maintained its "buy" rating on the stock.

The decision comes after Israel's Prime Minister Benjamin Netanyahu approved an amended deal on Sunday, giving Noble and Israeli partner Delek Group the authority to develop Israel's largest offshore oilfield and export the natural gas to new markets such as Jordan, Turkey and Egypt, the Wall Street Journal reports.

The deal had been contested for months after the country's supreme court ruled it unconstitutional in March, due to a clause that gives energy companies pricing and regulatory stability for 10 years regardless of possible shifts in the government, the Journal says.

Noble Energy had argued that the "stability clause" was necessary in order for them to make investments to develop the oilfields. The clause was removed from the approved deal and replaced with a different one that gives gas companies the potential to be compensated for any future changes in regulation, according to the Wall Street Journal.

"In March, the timing of the Leviathan project was potentially disrupted when Israel's Supreme Court blocked a 10-year proposal for stability that was on the table," Nomura analysts said in an investor note.

There is a possibility that the amended "stability" deal will be challenged again to the Supreme Court of Israel, the firm added.

Separately, TheStreet Ratings rated Noble Energy as a "sell" with a score of D.

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 articles's author. TheStreet Ratings has this to say about the recommendation:

This is driven by a few notable weaknesses, which TheStreet Ratings believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks that are covered.

The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

You can view the full analysis from the report here: NBL