NBLX - With Chevron Soon Taking Control Is This 9%-Yielding MLP a Buy?
Chevron (NYSE: CVX) recently agreed to acquire Noble Energy (NASDAQ: NBL) for $13 billion, which includes the assumption of debt. While the main draw was Noble's oil and gas assets -- especially its positions in the Permian Basin and offshore Israel -- Chevron would pick up several other intriguing assets, including Noble's stake in master limited partnership Noble Midstream Partners (NYSE: NBLX).
That makes the deal a noteworthy one for Noble Midstream, since it will soon have a much more financially secure parent running the show. That could put the company's 9%-yielding dividend on a much more sustainable foundation.
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