Noble Corp. (NE) Downgraded to “Buy” at Vetr Inc.
Vetr cut shares of Noble Corp. (NYSE:NE) from a strong-buy rating to a buy rating in a report issued on Wednesday. They currently have $6.90 price target on the stock.
NE has been the subject of several other reports. Jefferies Group cut their price objective on shares of Noble Corp. from $8.00 to $7.50 and set a hold rating for the company in a report on Friday, July 29th. Goldman Sachs Group Inc. raised shares of Noble Corp. from a sell rating to a neutral rating and set a $4.00 price target for the company in a report on Wednesday, September 21st. Bank of America Corp. raised shares of Noble Corp. from an underperform rating to a neutral rating and set a $7.50 price target for the company in a report on Tuesday, August 16th. Howard Weil started coverage on shares of Noble Corp. in a report on Wednesday, September 14th. They issued a sector perform rating and a $6.50 price target for the company. Finally, Nomura set a $6.00 price target on shares of Noble Corp. and gave the company a sell rating in a report on Tuesday, August 16th. Seven analysts have rated the stock with a sell rating, seventeen have given a hold rating and seven have issued a buy rating to the company’s stock. Noble Corp. has a consensus rating of Hold and a consensus target price of $8.79.
Shares of Noble Corp. (NYSE:NE) opened at 6.21 on Wednesday. The stock has a 50 day moving average of $5.92 and a 200-day moving average of $8.42. The firm has a market capitalization of $1.51 billion, a P/E ratio of 2.59 and a beta of 2.05. Noble Corp. has a 52-week low of $5.09 and a 52-week high of $14.64.
Noble Corp. (NYSE:NE) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.01 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by $0.22. The business earned $894.70 million during the quarter, compared to the consensus estimate of $527.48 million. Noble Corp. had a return on equity of 5.22% and a net margin of 18.34%. The firm’s quarterly revenue was down 37.2% on a year-over-year basis. During the same period last year, the business posted $0.64 earnings per share. Equities analysts expect that Noble Corp. will post ($0.06) earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the stock. Capstone Investment Advisors LLC bought a new stake in shares of Noble Corp. during the second quarter worth $102,000. IFP Advisors Inc raised its stake in shares of 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 during the last quarter. LS Investment Advisors LLC raised its stake in shares of 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 during the last quarter. James Investment Research Inc. bought a new stake in shares of Noble Corp. during the second quarter worth $124,000. Finally, World Asset Management Inc raised its stake in shares of 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 during the last quarter. 90.26% of the stock is currently owned by hedge funds and other institutional investors.
About Noble Corp.
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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