Wells Fargo Maintains Their Hold Rating on Noble Midstream Partners (NBLX)


In a report released today, Praneeth Satish from Wells Fargo maintained a Hold rating on Noble Midstream Partners (NBLX), with a price target of $8.00. The company’s shares closed last Wednesday at $9.01.

According to TipRanks.com, Satish is a 3-star analyst with an average return of 5.4% and a 55.8% success rate. Satish covers the Services sector, focusing on stocks such as Oasis Midstream Partners, CNX Midstream Partners, and Rattler Midstream.

Currently, the analyst consensus on Noble Midstream Partners is a Hold with an average price target of $9.33, which is a 1.3% upside from current levels. In a report issued on July 16, Barclays also maintained a Hold rating on the stock with a $11.00 price target.

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Based on Noble Midstream Partners’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $224 million and net profit of $10.1 million. In comparison, last year the company earned revenue of $161 million and had a net profit of $40.05 million.

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Noble Midstream Partners LP owns, operates, develops and acquires domestic midstream infrastructure assets. It operates through the following segments: Gathering Systems, Fresh Water Delivery, Investments in Midstream Entities and Corporate. The Gathering Systems segment involves in gathering crude oil, natural gas, and produced water. The Fresh Water Delivery segment provide services for both treated produced water and raw fresh water that has been withdrawn from a river or ground water. The Investments in Midstream Entities segment include investments in the Joint Venture and White Cliffs Interest as well as all general partnership activities. The Corporate segment includes all general Partnership activity and expenses. The company was founded on December 23, 2014 and is headquartered in Houston, TX.

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