Noble Midstream Partners LP Receives a Buy from Barclays

By Austin Angelo

Barclays analyst Richard Gross reiterated a Buy rating on Noble Midstream Partners LP (NYSE: NBLX) today and set a price target of $35. The company’s shares closed last Friday at $29.61.

Gross wrote:

“We continue to view NBLX as a high-quality MLP with visible growth and stable cash flows, recently demonstrated by healthy 3Q trends in oil/gas gathered volumes (+36% YoY/7% QoQ) and 2.3x pro-forma coverage. The Partnership’s 20% distribution growth target is supported by base volume growth backed by conservative drilling assumptions at NBL, organic projects and $1B+ drop down opportunity set and a strong balance sheet. Stability is underpinned by 15-year, fee- based contracts including inflation escalators and acreage dedications with IG parent. We reiterate our $35 price target and Overweight rating.”

According to TipRanks.com, Gross is a 4-star analyst with an average return of 3.1% and a 56.4% success rate. Gross covers the Basic Materials sector, focusing on stocks such as American Midstreampartners Lp, Calumet Specialty Products, and Holly Energy Partners L.P.

Currently, the analyst consensus on Noble Midstream Partners LP is Strong Buy and the average price target is $34.17, representing a 15.4% upside.

In a report issued on October 31, Wells Fargo also initiated coverage with a Buy rating on the stock.

The company has a one year high of $31.30 and a one year low of $26. Currently, Noble Midstream Partners LP has an average volume of 437.9K.

Noble Midstream Partners LP engages in the crude oil and natural gas distribution. It also involves in providing crude oil, natural gas, and water-related midstream services. The company was founded on December 23, 2014 and is headquartered in Houston, TX.