Noble Energy’s stock performance
Following Noble Energy’s (NBL) 2Q16 earnings release on August 3, its stock fell by ~1.1%.
YoY (year-over-year), NBL has fallen by ~2.4%. In this part of the series, we’ll analyze Noble Energy’s stock performance with respect to movements in the broader industry and the broader market. Meanwhile, EQT (EQT) has seen its stock price decrease by ~4.2% on a YoY basis.
As the graph above shows, Noble Energy’s performance has been driven mainly by WTI (West Texas Intermediate) crude oil prices (OIL) and natural gas prices (UNG). These have also been driving the broader industry ETF, the Energy Select Sector SPDR ETF (XLE).
From July 21 to August 4, Noble Energy’s stock was mostly overperforming the Energy Select Sector SPDR ETF (XLE). However, toward the end of the period, it ended up giving lower returns compared to XLE. Noble Energy’s stock fell by ~5.8% during this period while XLE fell by ~1.8%.
It also underperformed the SPDR S&P 500 ETF (SPY), which decreased by 0.07% during this period.
The outperformer in the period under discussion was natural gas prices, which increased by 5.3% at the end of the period.
Noble Energy’s stock fell by ~1% on August 3, despite its 2Q16 revenue beat. So, markets seem to be unaffected by its earnings.
Read the first part of this series to learn more about Noble Energy’s 2Q16 performance.