The stock of Noble Energy, Inc. (NASDAQ:NBL) is now priced at $9.85 and the shares are -0.1 points down or -1.01% lower compared to its previous closing price of $9.95. The stock had 12.084 million contracts set over the past session. NBL shares’ daily volume is compared to its average trading volume at 12.851 million shares. However, it has a float of 475 million and although its performance was -3.71% over the week, it’s one to watch. Analysts have given the NBL stock a yearly average price target of $12.06 per share. It means the stock’s upside potential is 22.44% with the NBL share price recently placing at $9.78 to $9.91. However, some brokerage firms have priced the stock below the average, including one that has called $10.
The shorts are climbing into the Noble Energy, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the NBL shares have risen. Short interest in the stock represents just 2.01% of its float, but the volume has raised by 63410. The volume of shorted shares rised to 9.549 million from 9.486 million shares over the last two weeks. The average intraday trading volume has been 9.605 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Noble Energy, Inc. (NASDAQ:NBL) dropped by -$0.38 over the week and lost -$0.33 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 260.81%, 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 2.65. 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 43.55. 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 12.77% meaning the NBL share price is currently in overbought territory.
The technical chart shows that the NBL stock will likely settle at between $9.91 and $9.98 per share. However, if the stock dips below $9.78, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $9.72.
Currently, the stock is trading in the red of MACD, with a reading of -0.09. 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 Citigroup cut their recommendation for NBL from Buy to Neutral in August 31 review. Morgan Stanley analysts downgraded their recommendation of the stock from Overweight to Equal-Weight while keeping its target price at $11 in a flash note released to investors on August 21. Wells Fargo seeing the stock struggling downgraded it from Overweight to Equal Weight on August 13 placing it at $13.
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, 17 rated NBL as a hold. The remaining 10 analysts were split evenly. However, the split wasn’t equal as a majority (9) 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 36.25%, which will see them reach $774 million. The company’s full-year revenues are, however, expected to diminish by about -27.25%, down from $4440 million to $3230 million. NBL’s expected adjusted earnings should surge almost 110% to end up at -$0.21 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 0% to record -$0.35/share.