Critical Analysis: Noble Midstream Partners (NBLX) & The Competition

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Noble Midstream Partners (NASDAQ: NBLX) is one of 21 public companies in the “Pipelines, except natural gas” industry, but how does it weigh in compared to its competitors? We will compare Noble Midstream Partners to similar businesses based on the strength of its analyst recommendations, profitability, institutional ownership, valuation, earnings, dividends and risk.

Analyst Recommendations

This is a breakdown of recent recommendations and price targets for Noble Midstream Partners and its competitors, as provided by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score
Noble Midstream Partners 1 0 0 0 1.00
Noble Midstream Partners Competitors 420 1398 1269 35 2.29

Noble Midstream Partners presently has a consensus price target of $5.00, suggesting a potential downside of 32.98%. As a group, “Pipelines, except natural gas” companies have a potential upside of 53.98%. Given Noble Midstream Partners’ competitors stronger consensus rating and higher probable upside, analysts clearly believe Noble Midstream Partners has less favorable growth aspects than its competitors.

Risk and Volatility

Noble Midstream Partners has a beta of 3.68, meaning that its stock price is 268% more volatile than the S&P 500. Comparatively, Noble Midstream Partners’ competitors have a beta of 1.59, meaning that their average stock price is 59% more volatile than the S&P 500.

Dividends

Noble Midstream Partners pays an annual dividend of $0.75 per share and has a dividend yield of 10.1%. Noble Midstream Partners pays out 24.4% of its earnings in the form of a dividend. As a group, “Pipelines, except natural gas” companies pay a dividend yield of 11.3% and pay out 82.8% of their earnings in the form of a dividend.

Valuation and Earnings

This table compares Noble Midstream Partners and its competitors top-line revenue, earnings per share (EPS) and valuation.

Gross Revenue Net Income Price/Earnings Ratio
Noble Midstream Partners $703.80 million $160.00 million 2.42
Noble Midstream Partners Competitors $6.66 billion $612.06 million 8.01

Noble Midstream Partners’ competitors have higher revenue and earnings than Noble Midstream Partners. Noble Midstream Partners is trading at a lower price-to-earnings ratio than its competitors, indicating that it is currently more affordable than other companies in its industry.

Insider & Institutional Ownership

25.8% of Noble Midstream Partners shares are held by institutional investors. Comparatively, 50.0% of shares of all “Pipelines, except natural gas” companies are held by institutional investors. 5.8% of shares of all “Pipelines, except natural gas” companies are held by company insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a company is poised for long-term growth.

Profitability

This table compares Noble Midstream Partners and its competitors’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets
Noble Midstream Partners 18.95% 20.39% 8.55%
Noble Midstream Partners Competitors 27.26% 16.37% 9.35%

Summary

Noble Midstream Partners competitors beat Noble Midstream Partners on 12 of the 15 factors compared.

Noble Midstream Partners Company Profile

Noble Midstream Partners LP owns, operates, develops, and acquires midstream infrastructure assets in the United States. It operates through four segments: Gathering Systems, Fresh Water Delivery, and Investments in Midstream Entities and Corporate. The company provides crude oil, natural gas, and water-related midstream services. It operates in the Denver-Julesburg Basin in Colorado and the Delaware Basin in Texas. The company was founded in 2014 and is based in Houston, Texas. Noble Midstream Partners LP is a subsidiary of Noble Energy, Inc.

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