Morningstar Rating

Stock Research and Analysis

by Stephen Simko, CFA

Bulls Say

Noble is seemingly good at every area of exploration and production: The company has a done a good job in the shales, offshore exploration, and executing on large offshore projects. The company is without question one of the best large-cap E&Ps in the world.
Noble owns attractive resources in multiple countries, providing the company with ample geographic diversification should any of its assets be affected by operational issues or political concerns.
Cash flow is set to grow rapidly, more than doubling by 2017 (compared with 2013). Read more 

Bears Say

Noble’s gas discoveries are both huge and economic, but the specter of Israeli politics slowing their development is likely to remain for some time.
Noble has set very aggressive growth targets for the next few years, including 18% annual production growth. Though its targets are achievable, they nonetheless will require continued top-tier execution for a long period of time.
North American natural gas remains a material portion of Noble’s resource portfolio, and weak pricing can materially affect the company’s cash flows. Read more 

Management

Overall, we think Noble has been a great steward of shareholder capital in recent years. Just-retired Charles Davidson oversaw a period of significant value creation and grew Noble’s resource base has grown considerably. Former COO David Stover is taking   Read more 

Profile

Noble Energy is an oil and gas producer focused in the United States, Equatorial Guinea, and Israel. In the U.S., Noble operates in the Gulf of Mexico and onshore in the   Read more 

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2 Energy Stocks With Plenty of Gas Left in the Tank 
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