Noble (NE) Trading Down 7.1%
Noble Corporation (NYSE:NE) shares were down 7.1% during trading on Wednesday . The company traded as low as $4.17 and last traded at $4.18. Approximately 7,302,559 shares were traded during trading, a decline of 29% from the average daily volume of 10,228,886 shares. The stock had previously closed at $4.50.
A number of research analysts have commented on NE shares. Piper Jaffray Companies restated a “hold” rating and set a $2.85 price target on shares of Noble in a research note on Sunday, October 22nd. Deutsche Bank started coverage on shares of Noble in a research note on Tuesday, October 10th. They set a “hold” rating and a $4.00 price target for the company. Royal Bank Of Canada set a $5.00 price target on shares of Noble and gave the stock a “hold” rating in a research note on Saturday, October 7th. Cowen set a $3.00 price target on shares of Noble and gave the stock a “hold” rating in a research note on Wednesday, October 18th. Finally, Zacks Investment Research lowered shares of Noble from a “buy” rating to a “hold” rating in a report on Monday, October 23rd. Six equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company’s stock. Noble presently has a consensus rating of “Hold” and an average price target of $5.56.
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 (NYSE:NE) last posted its quarterly earnings data on Thursday, November 2nd. The oil and gas company reported ($0.36) EPS for the quarter, meeting the consensus estimate of ($0.36). The business had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $269.61 million. Noble had a negative net margin of 136.22% and a negative return on equity of 3.94%. The firm’s revenue was down 30.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.23) EPS. research analysts anticipate that Noble Corporation will post -1.17 EPS for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its position in Noble by 37.6% during the 2nd quarter. BlackRock Inc. now owns 32,390,455 shares of the oil and gas company’s stock worth $117,253,000 after buying an additional 8,843,373 shares in the last quarter. State Street Corp lifted its position in Noble by 31.7% during the 2nd quarter. State Street Corp now owns 22,444,196 shares of the oil and gas company’s stock worth $81,248,000 after buying an additional 5,405,697 shares in the last quarter. Vanguard Group Inc. lifted its position in Noble by 16.7% during 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 buying an additional 3,371,015 shares in the last quarter. Marshall Wace LLP lifted its position in Noble by 6,249.0% during the 2nd quarter. Marshall Wace LLP now owns 2,377,944 shares of the oil and gas company’s stock worth $9,512,000 after buying an additional 2,340,490 shares in the last quarter. Finally, SG Capital Management LLC acquired a new position in shares of Noble during the 3rd quarter worth about $9,696,000. 87.10% of the stock is currently owned by institutional investors and hedge funds.
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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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