Noble Corporation (NE) Expected to Announce Quarterly Sales of $270.65 Million
Brokerages expect that Noble Corporation (NYSE:NE) will post sales of $270.65 million for the current quarter, according to Zacks. Seven analysts have issued estimates for Noble Corporation’s earnings. The highest sales estimate is $277.00 million and the lowest is $257.00 million. Noble Corporation reported sales of $410.16 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 34%. The company is expected to announce its next earnings results on Thursday, February 8th.
On average, analysts expect that Noble Corporation will report full-year sales of $270.65 million for the current financial year, with estimates ranging from $1.14 billion to $1.20 billion. For the next year, analysts forecast that the business will report sales of $1.09 billion per share, with estimates ranging from $1.03 billion to $1.17 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Noble Corporation.
Noble Corporation (NYSE:NE) last posted its earnings results on Thursday, November 2nd. The oil and gas company reported ($0.36) EPS for the quarter, meeting the consensus estimate of ($0.36). The firm had revenue of $266.20 million for the quarter, compared to analyst estimates of $269.61 million. Noble Corporation had a negative return on equity of 3.94% and a negative net margin of 136.22%. Noble Corporation’s revenue for the quarter was down 30.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.23) earnings per share.
Several equities analysts have issued reports on NE shares. Jefferies Group LLC reaffirmed a “buy” rating and set a $5.50 price objective (down previously from $7.00) on shares of Noble Corporation in a report on Tuesday, July 18th. Royal Bank Of Canada reaffirmed a “sell” rating and set a $5.00 price objective on shares of Noble Corporation in a report on Thursday, July 20th. ValuEngine lowered Noble Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 1st. Societe Generale lowered Noble Corporation from a “buy” rating to a “hold” rating in a report on Monday, August 7th. Finally, Piper Jaffray Companies set a $4.00 price objective on Noble Corporation and gave the stock a “hold” rating in a report on Monday, August 7th. Six equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $5.56.
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Noble Corporation (NE) traded down $0.03 during trading hours on Thursday, reaching $4.32. The company had a trading volume of 5,662,667 shares, compared to its average volume of 7,260,000. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.45 and a current ratio of 1.58. Noble Corporation has a 52-week low of $3.14 and a 52-week high of $8.37.
A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its stake in Noble Corporation by 37.6% in the 2nd quarter. BlackRock Inc. now owns 32,390,455 shares of the oil and gas company’s stock worth $117,253,000 after acquiring an additional 8,843,373 shares during the period. Vanguard Group Inc. grew its stake in Noble Corporation by 16.7% in the 2nd quarter. Vanguard Group Inc. now owns 23,523,527 shares of the oil and gas company’s stock worth $85,155,000 after acquiring an additional 3,371,015 shares during the period. State Street Corp boosted its holdings in shares of Noble Corporation by 31.7% in the 2nd quarter. State Street Corp now owns 22,444,196 shares of the oil and gas company’s stock valued at $81,248,000 after purchasing an additional 5,405,697 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Noble Corporation by 2.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,645,549 shares of the oil and gas company’s stock valued at $20,437,000 after purchasing an additional 145,172 shares during the last quarter. Finally, Bridgewater Associates LP boosted its holdings in shares of Noble Corporation by 11.0% in the 2nd quarter. Bridgewater Associates LP now owns 4,043,232 shares of the oil and gas company’s stock valued at $14,636,000 after purchasing an additional 401,362 shares during the last quarter. 94.43% of the stock is owned by hedge funds and other institutional investors.
Noble Corporation Company Profile
Noble Corporation is an offshore drilling contractor for the oil and gas industry. The Company performs contract drilling services with its fleet of 79 mobile offshore drilling units and one floating production storage and offloading unit (NYSE:NE) located globally.
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