The stock of Noble Energy, Inc. (NASDAQ:NBL) is now priced at $10.58 and the shares are -0.03 points down or -0.33% lower compared to its previous closing price of $10.61. The stock had 15.258 million contracts set over the past session. NBL shares’ daily volume is compared to its average trading volume at 13.681 million shares. However, it has a float of 475 million and although its performance was -1.03% over the week, it’s one to watch. Analysts have given the NBL stock a yearly average price target of $12.72 per share. It means the stock’s upside potential is 20.23% with the NBL share price recently placing at $10.49 to $10.71. However, some brokerage firms have priced the stock below the average, including one that has called $10.
The shorts are running away from the Noble Energy, Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the NBL shares have declined. Short interest in the stock represents just 2% of its float, but the volume has dropped by -3512467. The volume of shorted shares dropped to 9.486 million from 12.998 million shares over the last two weeks. The average intraday trading volume has been 22.631 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Noble Energy, Inc. (NASDAQ:NBL) dropped by -$0.11 over the week and gained $0.4 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $27.31. The stock recorded its established 52-week high on 09/16/19.
Since 03/18/20, the stock has traded to a low of $2.73 at 287.55%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.72. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Noble Energy, Inc.’s two-week RSI is 53.74. This suggests that the stock is neutral at the moment and that NBL shares’ price movement remains stable. The stochastic readings are equally revealing at 66.08% meaning the NBL share price is currently in neutral territory.
The technical chart shows that the NBL stock will likely settle at between $10.7 and $10.81 per share. However, if the stock dips below $10.48, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $10.37.
Currently, the stock is trading in the green of MACD, with a reading of 0.05. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Wells Fargo cut their recommendation for NBL from Overweight to Equal Weight in August 13 review while maintai their target price of $13. Stifel analysts downgraded their recommendation of the stock from Buy to Hold while keeping its target price at $26 to $11 in a flash note released to investors on August 04. Argus seeing the stock struggling downgraded it from Buy to Sell on July 22.
The average rating for the NBL equity is 2.03 and is currently gathering a bullish momentum. Of 27 analysts tracking Noble Energy, Inc. polled by Reuters, 15 rated NBL as a hold. The remaining 12 analysts were split evenly. However, the split wasn’t equal as a majority (11) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Noble Energy, Inc. (NASDAQ:NBL) will increase by about 36.09%, which will see them reach $773 million. The company’s full-year revenues are, however, expected to diminish by about -27.48%, down from $4440 million to $3220 million. NBL’s expected adjusted earnings should surge almost 80% to end up at -$0.18 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 22.86% to record -$0.43/share.