MUFG analyst Michael McAllister lowered his price target on Noble Energy to $41 after its Q4 results, saying that while its production continued the strong trend seen in Q3, the company also "dialed back" its growth expectations and reduced its capital budget for 2019 by 25% from 2018 levels. The analyst is keeping his Overweight rating on Noble Energy longer term, stating that its "diversified portfolio of assets provides a high degree of flexibility for capital allocation and value creation" in addition to the company having "substantial opportunities for growth in its Domestic and International operations."