ValuEngine Downgrades Noble (NE) to Hold

ValuEngine lowered shares of Noble (NYSE:NE) from a buy rating to a hold rating in a report published on Monday, February 4th.

Other research analysts have also issued reports about the company. Zacks Investment Research lowered Noble from a buy rating to a hold rating in a research report on Wednesday, January 2nd. Piper Jaffray Companies set a $6.00 price objective on Noble and gave the company a hold rating in a research report on Tuesday, November 6th. Tudor Pickering upgraded Noble from a hold rating to a buy rating in a research report on Friday, November 2nd. Credit Suisse Group set a $6.00 price objective on Noble and gave the company a hold rating in a research report on Friday, November 2nd. Finally, Susquehanna Bancshares set a $8.00 price objective on Noble and gave the company a hold rating in a research report on Wednesday, October 10th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $5.73.

Noble stock traded up $0.05 during trading hours on Monday, hitting $3.06. The stock had a trading volume of 4,438,317 shares, compared to its average volume of 3,678,629. Noble has a fifty-two week low of $2.35 and a fifty-two week high of $7.44. The stock has a market cap of $760.13 million, a price-to-earnings ratio of -1.66 and a beta of 2.69. The company has a quick ratio of 2.09, a current ratio of 1.80 and a debt-to-equity ratio of 0.83.

Noble (NYSE:NE) last released its quarterly earnings data on Wednesday, February 20th. The oil and gas company reported ($0.36) earnings per share for the quarter, beating the consensus estimate of ($0.41) by $0.05. The company had revenue of $309.90 million for the quarter, compared to analyst estimates of $289.04 million. Noble had a negative return on equity of 9.16% and a negative net margin of 81.74%. The company’s revenue was down 6.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.29) EPS. On average, analysts expect that Noble will post -1.67 earnings per share for the current fiscal year.

Institutional investors have recently modified their holdings of the stock. Bank of America Corp DE increased its holdings in Noble by 15.0% during the 2nd quarter. Bank of America Corp DE now owns 2,080,782 shares of the oil and gas company’s stock worth $13,171,000 after purchasing an additional 270,920 shares in the last quarter. Welch & Forbes LLC bought a new position in shares of Noble in the 3rd quarter valued at about $115,000. Aperio Group LLC grew its holdings in shares of Noble by 9.6% in the 3rd quarter. Aperio Group LLC now owns 156,697 shares of the oil and gas company’s stock valued at $1,102,000 after acquiring an additional 13,757 shares in the last quarter. Seven Eight Capital LP bought a new position in shares of Noble in the 3rd quarter valued at about $583,000. Finally, Fisher Asset Management LLC bought a new position in shares of Noble in the 3rd quarter valued at about $4,850,000. 87.93% of the stock is currently owned by institutional investors and hedge funds.

About Noble

Noble Corporation plc operates as an offshore drilling contractor for the oil and gas industry worldwide. It provides contract drilling services using mobile offshore drilling units. As of December 31, 2017, the company operated a fleet of 8 drill ships, 6 semisubmersibles, and 14 jack ups. Noble Corporation plc was founded in 1921 and is headquartered in London, the United Kingdom.

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