NYSE:NBLX

Stock Analysis Report

Noble Midstream Partners

Executive Summary

Noble Midstream Partners LP owns, operates, develops, and acquires midstream infrastructure assets in the United States.

Rewards


Snowflake Analysis


Similar Companies

Share Price & News

How has Noble Midstream Partners's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: NBLX has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

14.2%

NBLX

3.3%

US Oil and Gas

1.3%

US Market


1 Year Return

-30.3%

NBLX

-7.6%

US Oil and Gas

19.4%

US Market

Return vs Industry: NBLX underperformed the US Oil and Gas industry which returned -7.6% over the past year.

Return vs Market: NBLX underperformed the US Market which returned 19.4% over the past year.


Shareholder returns

NBLXIndustryMarket
7 Day14.2%3.3%1.3%
30 Day6.9%0.5%2.6%
90 Day-11.5%-1.4%5.0%
1 Year-23.9%-30.3%-4.2%-7.6%22.0%19.4%
3 Year-20.5%-33.0%-11.5%-19.7%46.8%37.3%
5 Yearn/a-14.0%-26.6%66.3%48.0%

Price Volatility Vs. Market

How volatile is Noble Midstream Partners's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Noble Midstream Partners undervalued compared to its fair value and its price relative to the market?

47.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: NBLX ($24.21) is trading below our estimate of fair value ($45.84)

Significantly Below Fair Value: NBLX is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: NBLX is good value based on its PE Ratio (6.5x) compared to the Oil and Gas industry average (10x).

PE vs Market: NBLX is good value based on its PE Ratio (6.5x) compared to the US market (18.7x).


Price to Earnings Growth Ratio

PEG Ratio: NBLX is good value based on its PEG Ratio (0.2x)


Price to Book Ratio

PB vs Industry: NBLX is overvalued based on its PB Ratio (1.6x) compared to the US Oil and Gas industry average (0.9x).

Future Growth

How is Noble Midstream Partners forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

35.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NBLX's forecast earnings growth (35.2% per year) is above the savings rate (1.7%).

Earnings vs Market: NBLX's earnings (35.2% per year) are forecast to grow faster than the US market (14.3% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: NBLX's revenue (10.4% per year) is forecast to grow faster than the US market (7.3% per year).

High Growth Revenue: NBLX's revenue (10.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if NBLX's Return on Equity is forecast to be high in 3 years time

Past Performance

How has Noble Midstream Partners performed over the past 5 years?

50.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: NBLX has high quality earnings.

Growing Profit Margin: NBLX's current net profit margins (23.9%) are lower than last year (37.4%).


Past Earnings Growth Analysis

Earnings Trend: NBLX has become profitable over the past 5 years, growing earnings by 50.6% per year.

Accelerating Growth: NBLX's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: NBLX had negative earnings growth (-8.3%) over the past year, making it difficult to compare to the Oil and Gas industry average (-15.6%).


Return on Equity

High ROE: NBLX's Return on Equity (15.5%) is considered low.


Return on Assets


Return on Capital Employed

Financial Health

How is Noble Midstream Partners's financial position?


Financial Position Analysis

Short Term Liabilities: NBLX's short term assets ($86.9M) do not cover its short term liabilities ($113.0M).

Long Term Liabilities: NBLX's short term assets ($86.9M) do not cover its long term liabilities ($969.6M).


Debt to Equity History and Analysis

Debt Level: NBLX's debt to equity ratio (61.6%) is considered high.

Reducing Debt: Insufficient data to determine if NBLX's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: NBLX's debt is well covered by operating cash flow (35.6%).

Interest Coverage: NBLX's interest payments on its debt are well covered by EBIT (24.8x coverage).


Balance Sheet

Inventory Level: NBLX has a high level of physical assets or inventory.

Debt Coverage by Assets: NBLX's debt is not covered by short term assets (assets are 0.1x debt).

Dividend

What is Noble Midstream Partners's current dividend yield, its reliability and sustainability?

11.10%

Current Dividend Yield


Dividend Yield vs Market

company11.1%marketbottom25%1.4%markettop25%3.7%industryaverage4.1%forecastin3Years12.6%

Current dividend yield vs market & industry

Notable Dividend: NBLX's dividend (11.1%) is higher than the bottom 25% of dividend payers in the US market (1.42%).

High Dividend: NBLX's dividend (11.1%) is in the top 25% of dividend payers in the US market (3.68%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, NBLX has been paying a dividend for less than 10 years.

Growing Dividend: NBLX's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (68%), NBLX's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: NBLX's dividends in 3 years are forecast to be covered by earnings (65.4% payout ratio).

Management

What is the CEO of Noble Midstream Partners's salary, the management and board of directors tenure and is there insider trading?

0.5yrs

Average management tenure


CEO

Brent Smolik (57yo)

0.3yrs

Tenure

0

Mr. Brent J. Smolik serves as Chief Executive Officer of Noble Midstream GP LLC at Noble Midstream Partners LP since August 11, 2019 and serves as its Director since November 26, 2018. Mr. Smolik is the Pr ...


Management Age and Tenure

0.5yrs

Average Tenure

52.5yo

Average Age

Experienced Management: NBLX's management team is not considered experienced ( 0.5 years average tenure), which suggests a new team.


Board Age and Tenure

2.5yrs

Average Tenure

57yo

Average Age

Experienced Board: NBLX's board of directors are not considered experienced ( 2.5 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: NBLX insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyUS$21,55019 Nov 19
Thomas Christensen
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer of Noble Midstream GP LLC
Shares1,000
Max PriceUS$21.55
BuyUS$32,67819 Nov 19
Andrew Viens
EntityIndividual
Role
Member of the Board of Directors
Director of Noble Midstream GP LLC
Shares1,500
Max PriceUS$21.79
BuyUS$21,66419 Nov 19
Kenneth Fisher
EntityIndividual
Role
Chairman of the Board
Chairman of Noble Midstream GP LLC
Shares1,000
Max PriceUS$21.66
BuyUS$161,25019 Nov 19
Brent Smolik
EntityIndividual
Role
Chief Executive Officer
CEO & Director of Noble Midstream GP LLC
Shares7,500
Max PriceUS$21.50
BuyUS$51,00021 Feb 19
Thomas Christensen
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer of Noble Midstream GP LLC
Shares1,500
Max PriceUS$34.00

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Brent Smolik (57yo)

    CEO & Director of Noble Midstream GP LLC

    • Tenure: 0.3yrs
  • Megan Repine

    Manager of Investor Relations

    • Tenure: 0yrs
  • Andy Viens (64yo)

    Director of Noble Midstream GP LLC

    • Tenure: 2.5yrs
    • Compensation: US$180.00k
  • Aaron Carlson

    General Counsel & Secretary of Noble Midstream GP LLC

    • Tenure: 0.5yrs
  • Tom Christensen (37yo)

    Chief Financial Officer of Noble Midstream GP LLC

    • Tenure: 0.5yrs
    • Compensation: US$367.91k
  • Hodge Walker (48yo)

    Senior VP of U.S. Onshore & Director of Noble Midstream GP LLC

    • Tenure: 1.4yrs
  • Phillip Welborn

    Chief Accounting Officer of Noble Midstream GP LLC

    • Tenure: 0.2yrs
  • John Reuwer

    Vice President of Business & Corporate Development of Noble Midstream GP LLC

    • Tenure: 0.9yrs
  • Chris Stavinoha

    Director of Capital Projects

    • Tenure: 0yrs
  • Barry Guice

    Director of Operations

    • Tenure: 0yrs

Board Members

  • Kenneth Fisher (57yo)

    Chairman of Noble Midstream GP LLC

    • Tenure: 4.2yrs
  • Hallie Vanderhider (61yo)

    Director of Noble Midstream GP LLC

    • Tenure: 3.3yrs
    • Compensation: US$200.00k
  • Brent Smolik (57yo)

    CEO & Director of Noble Midstream GP LLC

    • Tenure: 0.3yrs
  • Rachel Clingman

    Director of Noble Midstream GP LLC

    • Tenure: 0.3yrs
  • Martin Salinas (47yo)

    Director of Noble Midstream GP LLC

    • Tenure: 3.2yrs
    • Compensation: US$200.00k
  • Andy Viens (64yo)

    Director of Noble Midstream GP LLC

    • Tenure: 2.5yrs
    • Compensation: US$180.00k
  • Hodge Walker (48yo)

    Senior VP of U.S. Onshore & Director of Noble Midstream GP LLC

    • Tenure: 1.4yrs

Company Information

Noble Midstream Partners LP's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Noble Midstream Partners LP
  • Ticker: NBLX
  • Exchange: NYSE
  • Founded: 2014
  • Industry: Oil and Gas Storage and Transportation
  • Sector: Energy
  • Market Cap: US$2.185b
  • Shares outstanding: 90.24m
  • Website: https://www.nblmidstream.com

Location

  • Noble Midstream Partners LP
  • 1001 Noble Energy Way
  • Houston
  • Texas
  • 77070
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NBLXNYSE (New York Stock Exchange)YesCommon UnitsUSUSDSep 2016
0N5DB (Deutsche Boerse AG)YesCommon UnitsDEEURSep 2016

Biography

Noble Midstream Partners LP owns, operates, develops, and acquires midstream infrastructure assets in the United States. It operates through three segments: Gathering Systems, Fresh Water Delivery, and Inv ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/13 00:55
End of Day Share Price2019/12/12 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.