Noble Energy reported an earnings loss of 24 cents per share compared to analysts expected losses of 29 cents per share. Revenue came in at $847 million, missing analysts projections of $913.02 million.
Last year, the Houston-based crude oil, natural gas and natural gas liquids producer posted earnings of 26 cents per share on revenue of $730 million for the second quarter.
Total sales volumes were up 43% compared to 2015 at 427,000 boepd. As a result of increased sales and reduced capital expenses, the company raised its full-year sales volume guidance to approximately 415 million boepd.
Noble Energy also maintained its capital budget of less than $1.5 billion for the year.
Shares of Noble Energy were sliding in mid-morning trading on Wednesday.
Separately, 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:
We rate NOBLE ENERGY INC as a Sell with a ratings score of D. This is driven by a number of negative factors, which we believe 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 we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow and feeble growth in its earnings per share.
You can view the full analysis from the report here: NBL