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Noble Energy upgraded to Buy at Mizuho on free cash flow outlook

Mar. 19, 2019 2:20 PM ETChevron Corporation (CVX) Stock, DELKY StockCVX, DELKYBy: Carl Surran, SA News Editor
  • Noble Energy (NBL +1%) is higher after Mizuho upgrades shares to Buy from Neutral with a $29 price target, edged up from $28, as analyst Paul Sankey says the company's upcoming free cash flow inflection "is too close to ignore."
  • Also, NBL's 2019 budget and outlook is "de-risked," and the risk/reward in the Delaware Basin is "significantly better this year than last, Sankey says.
  • Separately, NBL says it will relinquish its stake in the Alon D exploration license offshore Israel, making Delek's (OTCPK:DGRLY) Ithaca Energy the new operator of the block.

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