Noble Midstream Partners (NBLX) Stock Sinks As Market Gains: What You Should Know

Zacks Equity Research
·3-min read

Noble Midstream Partners (NBLX) closed at $9.09 in the latest trading session, marking a -0.66% move from the prior day. This move lagged the S&P 500's daily gain of 0.35%. At the same time, the Dow lost 0.1%, and the tech-heavy Nasdaq gained 0.37%.

Prior to today's trading, shares of the provider of oil, gas and water-related midstream services had gained 32.8% over the past month. This has outpaced the Oils-Energy sector's loss of 1.93% and the S&P 500's gain of 4.32% in that time.

Wall Street will be looking for positivity from NBLX as it approaches its next earnings report date. In that report, analysts expect NBLX to post earnings of $0.59 per share. This would mark a year-over-year decline of 32.95%. Meanwhile, our latest consensus estimate is calling for revenue of $157.30 million, down 7.1% from the prior-year quarter.

NBLX's full-year Zacks Consensus Estimates are calling for earnings of $2.99 per share and revenue of $693.78 million. These results would represent year-over-year changes of -2.92% and +4.12%, respectively.

Any recent changes to analyst estimates for NBLX should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. NBLX is currently sporting a Zacks Rank of #3 (Hold).

In terms of valuation, NBLX is currently trading at a Forward P/E ratio of 3.06. Its industry sports an average Forward P/E of 10.98, so we one might conclude that NBLX is trading at a discount comparatively.

The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 188, putting it in the bottom 26% 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.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.


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