Noble (NE) Bonds Drop 2.3% During Trading
An issue of Noble Co. (NYSE:NE) bonds fell 2.3% against their face value during trading on Thursday. The high-yield debt issue has a 7.75% coupon and is set to mature on January 15, 2024. The debt is now trading at $88.94 and was trading at $94.38 one week ago. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.
A number of brokerages have recently issued reports on NE. Zacks Investment Research downgraded shares of Noble from a “hold” rating to a “sell” rating in a research report on Monday, February 5th. ValuEngine downgraded shares of Noble from a “sell” rating to a “strong sell” rating in a research report on Friday, February 2nd. Cowen set a $3.00 price objective on shares of Noble and gave the company a “hold” rating in a research report on Wednesday, October 18th. Barclays set a $4.00 price objective on shares of Noble and gave the company a “hold” rating in a research report on Tuesday, January 23rd. Finally, Piper Jaffray Companies reissued an “underweight” rating on shares of Noble in a research report on Thursday, January 11th. Eight research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $5.24.
Noble Co. (NYSE NE) traded down $0.07 on Friday, hitting $3.96. 8,452,751 shares of the company were exchanged, compared to its average volume of 8,111,430. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.58 and a current ratio of 1.58. Noble Co. has a 52 week low of $3.14 and a 52 week high of $7.76. The stock has a market cap of $987.22, a PE ratio of -0.54 and a beta of 2.21.
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Noble 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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