Noble Corporation (NE) Shares Down 8.2%
Noble Corporation (NYSE:NE) shares traded down 8.2% during trading on Friday . The stock traded as low as $4.10 and last traded at $4.13. 11,689,352 shares traded hands during mid-day trading, an increase of 52% from the average session volume of 7,709,380 shares. The stock had previously closed at $4.50.
Several research analysts have recently commented on the stock. Cowen and Company reissued a “hold” rating and issued a $3.00 price objective on shares of Noble Corporation in a research note on Tuesday, September 5th. Seaport Global Securities downgraded shares of Noble Corporation from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $5.00 to $3.50 in a research note on Wednesday, June 21st. Goldman Sachs Group, Inc. (The) upgraded shares of Noble Corporation to a “sell” rating in a research note on Wednesday, August 9th. Royal Bank Of Canada upgraded shares of Noble Corporation from an “underperform” rating to a “sector perform” rating and set a $5.00 price target for the company in a research note on Friday, August 25th. Finally, Sanford C. Bernstein downgraded shares of Noble Corporation from a “market perform” rating to an “underperform” rating and decreased their price target for the stock from $7.00 to $2.50 in a research note on Thursday, July 6th. Seven equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $5.80.
The firm’s market cap is $1.01 billion. The company’s 50-day moving average price is $3.83 and its 200 day moving average price is $4.30.
Noble Corporation (NYSE:NE) last posted its earnings results on Thursday, August 3rd. The oil and gas company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.02. The company had revenue of $278.10 million for the quarter, compared to analysts’ expectations of $284.99 million. Noble Corporation had a negative return on equity of 3.19% and a negative net margin of 122.04%. The firm’s quarterly revenue was down 68.9% compared to the same quarter last year. During the same period last year, the business posted $0.01 earnings per share. Equities analysts predict that Noble Corporation will post ($1.25) earnings per share for the current fiscal year.
A number of hedge funds have recently bought and sold shares of NE. BlackRock Inc. increased its holdings in shares of Noble Corporation by 13,598.2% during the first quarter. BlackRock Inc. now owns 23,547,082 shares of the oil and gas company’s stock valued at $145,756,000 after purchasing an additional 23,375,183 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Noble Corporation by 57.3% during the first quarter. Dimensional Fund Advisors LP now owns 20,624,594 shares of the oil and gas company’s stock valued at $127,666,000 after purchasing an additional 7,514,153 shares during the period. State Street Corp increased its holdings in shares of Noble Corporation by 31.7% during the second 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 period. MARSHALL WACE ASIA Ltd acquired a new position in shares of Noble Corporation during the first quarter valued at $30,425,000. Finally, Marshall Wace North America L.P. acquired a new position in shares of Noble Corporation during the first quarter valued at $30,425,000. Institutional investors own 95.64% of the company’s stock.
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About Noble Corporation
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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