Noble Energy’s stock performance
After Noble Energy’s (NBL) 3Q16 earnings release on November 1, 2016, NBL stock rose ~2.0%.
YoY (year-over-year), NBL has fallen ~3.0%. 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.
What drove Noble Energy’s performance?
As you can see in the above graph, 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 October 19 to November 2, 2016, Noble Energy stock was mostly underperforming XLE. But toward the end of the period, Noble ended up with higher returns than XLE. NBL stock rose ~2.6% during the period, while XLE fell ~4.0%.
NBL also outperformed the SPDR S&P 500 ETF (SPY), which fell 2.0% during the two-week period.
Noble Energy stock rose ~2.0% on November 1, 2016, and 4.8% on November 2, 2016. So the markets seem to be reacting positively to NBL’s better-than-expected 3Q16 earnings, ignoring NBL’s revenue miss in 3Q16.
Read the first part of this series to learn more about Noble Energy’s 3Q16 performance.