Sterne Agee Reiterates Buy, $117 Target on Noble Energy

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Sterne Agee maintains its Buy rating and $117 price target on Noble Energy
NBL
as the company announced Cyrus Block 12 resource potential. Sterne Agee notes, "Noble Energy put out a press release this morning announcing an estimated gross resource potential for their natural gas discovery at the Cyprus Block 12 prospect, offshore Cyprus. The company stated that the discovery has a gross resource potential of 5-8 Tcf, with a gross mean of 7 Tcf. This figure is in-line with commentary provided by the company recently that the discovery had a 60% chance of having 3-9 Tcf of resource potential." NBL closed at $95.64 per share on Tuesday.
Posted In: ReiterationPre-Market OutlookMarketsAnalyst RatingsEnergyOil & Gas Exploration & ProductionSterne Agee
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