Noble Energy (NBL) closed at $8.46 in the latest trading session, marking a +1.44% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.96%. At the same time, the Dow lost 0.48%, and the tech-heavy Nasdaq lost 2.22%.
Coming into today, shares of the oil and gas company had lost 14.2% in the past month. In that same time, the Oils-Energy sector lost 14.1%, while the S&P 500 lost 4.04%.
Investors will be hoping for strength from NBL as it approaches its next earnings release. On that day, NBL is projected to report earnings of -$0.21 per share, which would represent a year-over-year decline of 110%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $779.96 million, down 30.3% from the year-ago period.
NBL's full-year Zacks Consensus Estimates are calling for earnings of -$0.40 per share and revenue of $3.26 billion. These results would represent year-over-year changes of -14.29% and -26.54%, respectively.
Investors should also note any recent changes to analyst estimates for NBL. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. NBL currently has a Zacks Rank of #3 (Hold).
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 124, which puts it in the top 50% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow NBL in the coming trading sessions, be sure to utilize Zacks.com.
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