NBL’s moving averages
On March 2, 2016, Noble Energy crossed its 50-day moving average for the first time in 2016. It continues to trade above its 50-day moving average. On May 26, 2016, NBL stock was trading ~4.6% above its 50-day moving average.
NBL also broke above its 200-day moving average in late March 2016. The fact that the company’s 50-day moving average crossed above its 200-day moving average was a bullish sign.
An earnings review
Noble Energy (NBL) reported its 1Q16 earnings on May 4. The company announced adjusted revenue of ~$902 million. Wall Street analysts’ consensus estimate for revenue was ~$849.3 million. NBL’s 1Q16 revenue was ~19% higher than its 1Q15 revenue of ~$759 million.
NBL’s 1Q16 adjusted loss per share was $0.67, higher than analysts’ consensus estimate of a $0.58 loss per share. NBL posted 1Q15 EPS of $0.03.
In comparison, NBL’s upstream peers Cabot Oil and Gas (COG), EQT (EQT), and Antero Resources (AR) reported 1Q16 adjusted EPS of -$0.13, $0.07, and $0.17, respectively. These companies make up 8.6% of the iShares U.S. Oil & Gas Exploration & Production ETF (IEO).