Noble (NE) Debt Trading 0.8% Higher
An issue of Noble Corporation (NYSE:NE) bonds rose 0.8% as a percentage of their face value during trading on Wednesday. The high-yield debt issue has a 4.625% coupon and will mature on March 1, 2021. The debt is now trading at $93.25. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its stock price.
NE has been the topic of several research analyst reports. Royal Bank of Canada set a $5.00 target price on shares of Noble and gave the stock a “hold” rating in a research report on Sunday, November 12th. ValuEngine raised shares of Noble from a “strong sell” rating to a “sell” rating in a research report on Friday, September 1st. Piper Jaffray Companies reissued a “hold” rating and set a $2.85 target price on shares of Noble in a research report on Sunday, October 22nd. Deutsche Bank initiated coverage on shares of Noble in a research report on Tuesday, October 10th. They set a “hold” rating and a $4.00 target price on the stock. Finally, initiated coverage on shares of Noble in a research report on Thursday, October 19th. They set a “buy” rating and a $5.30 target price on the stock. Six equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $5.62.
Noble Corporation (NYSE NE) traded up $0.21 during trading hours on Wednesday, reaching $4.00. 12,258,380 shares of the company’s stock were exchanged, compared to its average volume of 10,084,427. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.64. Noble Corporation has a 52 week low of $3.14 and a 52 week high of $7.80.
Institutional investors have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC acquired a new stake in Noble during the third quarter worth about $102,000. Pinebridge Investments L.P. acquired a new stake in Noble during the second quarter worth about $117,000. BlueCrest Capital Management Ltd increased its position in Noble by 179.0% during the second quarter. BlueCrest Capital Management Ltd now owns 42,652 shares of the oil and gas company’s stock worth $154,000 after purchasing an additional 27,365 shares during the last quarter. Sanders Morris Harris LLC acquired a new stake in Noble during the third quarter worth about $161,000. Finally, ProShare Advisors LLC increased its position in Noble by 9.1% during the second quarter. ProShare Advisors LLC now owns 48,685 shares of the oil and gas company’s stock worth $176,000 after purchasing an additional 4,047 shares during the last quarter. Hedge funds and other institutional investors own 86.80% of the company’s stock.
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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