Noble Corp. (NE) Downgraded to Sell at Zacks Investment Research
According to Zacks, “In this depressed pricing market, Noble Corporation faces uncertainty over its new contract flows and the dayrates. Oversupply of rigs is another major concern at a time when all contractors are cutting on their expenses. Additionally, the currently challenged offshore drilling space limits any potential upside. The recent early termination of rig contracts as well as cold stacking of rigs is likely to impact the company’s contract drilling revenues and costs going forward. Other company-specific risks include new product growth challenges, potential backlog losses and high dependency on its top customers.”
A number of other equities analysts have also commented on the stock. Credit Suisse Group AG reaffirmed a buy rating and issued a $10.00 price objective on shares of Noble Corp. in a research note on Thursday, September 1st. Vetr downgraded shares of Noble Corp. from a strong-buy rating to a buy rating and set a $7.10 target price for the company. in a research report on Thursday, September 8th. Goldman Sachs Group Inc. upgraded shares of Noble Corp. from a sell rating to a neutral rating and set a $4.00 target price for the company in a research report on Wednesday, September 21st. Jefferies Group cut their target price on shares of Noble Corp. from $7.50 to $6.00 and set a hold rating for the company in a research report on Wednesday, September 28th. Finally, Howard Weil began coverage on shares of Noble Corp. in a research report on Wednesday, September 14th. They issued a sector perform rating and a $6.50 target price for the company. Eight investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Hold and an average price target of $8.65.
Noble Corp. (NYSE:NE) opened at 6.20 on Monday. The stock has a market capitalization of $1.51 billion, a PE ratio of 2.58 and a beta of 2.09. Noble Corp. has a 52-week low of $5.09 and a 52-week high of $14.64. The firm has a 50-day moving average of $5.88 and a 200-day moving average of $8.29.
Noble Corp. (NYSE:NE) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by $0.22. Noble Corp. had a return on equity of 5.22% and a net margin of 18.34%. The firm earned $894.70 million during the quarter, compared to analyst estimates of $527.48 million. During the same period in the prior year, the business posted $0.64 EPS. The company’s revenue for the quarter was down 37.2% on a year-over-year basis. On average, equities analysts expect that Noble Corp. will post ($0.06) EPS for the current year.
Institutional investors have recently modified their holdings of the stock. First Quadrant L P CA raised its position in shares of Noble Corp. by 4.9% in the second quarter. First Quadrant L P CA now owns 750,498 shares of the company’s stock valued at $6,184,000 after buying an additional 35,000 shares during the last quarter. Fox Run Management L.L.C. raised its position in shares of Noble Corp. by 113.4% in the second quarter. Fox Run Management L.L.C. now owns 43,100 shares of the company’s stock valued at $355,000 after buying an additional 22,900 shares during the last quarter. James Investment Research Inc. bought a new position in shares of Noble Corp. during the second quarter valued at $124,000. First Manhattan Co. raised its position in shares of Noble Corp. by 2.9% in the second quarter. First Manhattan Co. now owns 112,023 shares of the company’s stock valued at $923,000 after buying an additional 3,117 shares during the last quarter. Finally, Denali Advisors LLC bought a new position in shares of Noble Corp. during the second quarter valued at $299,000. 90.26% of the stock is currently owned by institutional investors.
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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