Noble Corp. (NYSE:NE) was downgraded by stock analysts at Seaport Global Securities from an “accumulate” rating to a “neutral” rating in a note issued to investors on Friday. They presently have a $6.00 target price on the stock. Seaport Global Securities’ target price points to a potential downside of 5.66% from the stock’s current price.
Other equities analysts have also recently issued research reports about the company. Vetr raised Noble Corp. from a “hold” rating to a “buy” rating and set a $9.76 price target on the stock in a research note on Monday, June 13th. Credit Suisse Group AG reissued a “buy” rating and issued a $10.00 price target on shares of Noble Corp. in a research note on Thursday, September 1st. Evercore ISI reissued a “buy” rating on shares of Noble Corp. in a research note on Saturday, July 2nd. Jefferies Group dropped their price target on Noble Corp. from $8.00 to $7.50 and set a “hold” rating on the stock in a research note on Friday, July 29th. Finally, Zacks Investment Research raised Noble Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, July 19th. Eight equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $8.43.
Shares of Noble Corp. (NYSE:NE) opened at 6.36 on Friday. Noble Corp. has a 52-week low of $5.09 and a 52-week high of $14.64. The company’s 50-day moving average is $5.83 and its 200-day moving average is $8.11. The firm has a market cap of $1.55 billion, a P/E ratio of 2.65 and a beta of 2.09.
Noble Corp. (NYSE:NE) last released its earnings results on Wednesday, July 27th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by $0.22. The firm had revenue of $894.70 million for the quarter, compared to analyst estimates of $527.48 million. Noble Corp. had a return on equity of 5.22% and a net margin of 18.34%. Noble Corp.’s revenue was down 37.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.64 earnings per share. Equities research analysts forecast that Noble Corp. will post ($0.06) earnings per share for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in the stock. IFP Advisors Inc boosted its stake in Noble Corp. by 5.4% in the first quarter. IFP Advisors Inc now owns 10,692 shares of the company’s stock worth $111,000 after buying an additional 550 shares in the last quarter. Capstone Investment Advisors LLC purchased a new stake in Noble Corp. during the second quarter worth about $102,000. LS Investment Advisors LLC boosted its stake in Noble Corp. by 77.4% in the second quarter. LS Investment Advisors LLC now owns 14,861 shares of the company’s stock worth $122,000 after buying an additional 6,483 shares in the last quarter. James Investment Research Inc. purchased a new stake in Noble Corp. during the second quarter worth about $124,000. Finally, World Asset Management Inc boosted its stake in Noble Corp. by 3.9% in the second quarter. World Asset Management Inc now owns 16,600 shares of the company’s stock worth $137,000 after buying an additional 618 shares in the last quarter. Institutional investors and hedge funds own 90.22% of the company’s stock.
Noble Corp. 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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