Noble Corp. (NYSE:NE) was downgraded by equities researchers at Bank of America Corp. from a “neutral” rating to an “underperform” rating in a research report issued on Wednesday. The analysts noted that the move was a valuation call.

Several other research analysts have also recently commented on NE. BMO Capital Markets reissued a “sell” rating on shares of Noble Corp. in a research report on Tuesday, November 8th. Nomura reissued a “sell” rating and set a $4.00 price target on shares of Noble Corp. in a research report on Friday, November 4th. JPMorgan Chase & Co. reissued a “sell” rating on shares of Noble Corp. in a research report on Friday, November 4th. Zacks Investment Research raised Noble Corp. from a “sell” rating to a “hold” rating in a research report on Thursday, October 27th. Finally, Seaport Global Securities cut Noble Corp. from an “accumulate” rating to a “neutral” rating and set a $6.00 price target for the company. in a research report on Friday, October 7th. Eight analysts have rated the stock with a sell rating, sixteen have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Noble Corp. has a consensus rating of “Hold” and a consensus price target of $8.36.

Analyst Recommendations for Noble Corp. (NYSE:NE)

Shares of Noble Corp. (NYSE:NE) opened at 5.46 on Wednesday. The stock’s 50 day moving average price is $5.61 and its 200 day moving average price is $7.30. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of 6.33 and a beta of 2.10. Noble Corp. has a one year low of $4.45 and a one year high of $14.31.

Noble Corp. (NYSE:NE) last posted its quarterly earnings data on Thursday, November 3rd. The company reported ($0.23) earnings per share for the quarter, missing the consensus estimate of ($0.19) by $0.04. The firm had revenue of $385.20 million for the quarter, compared to analyst estimates of $646.42 million. Noble Corp. had a return on equity of 2.14% and a net margin of 7.90%. The firm’s quarterly revenue was down 57.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.72 earnings per share. On average, equities analysts anticipate that Noble Corp. will post ($0.07) earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in NE. Dimensional Fund Advisors LP increased its position in shares of Noble Corp. by 56.4% in the second quarter. Dimensional Fund Advisors LP now owns 10,805,125 shares of the company’s stock valued at $89,037,000 after buying an additional 3,897,284 shares during the last quarter. First Trust Advisors LP increased its position in shares of Noble Corp. by 54.3% in the third quarter. First Trust Advisors LP now owns 6,003,620 shares of the company’s stock valued at $38,063,000 after buying an additional 2,113,986 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Noble Corp. by 6.9% in the second quarter. Vanguard Group Inc. now owns 30,239,221 shares of the company’s stock valued at $249,170,000 after buying an additional 1,947,799 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of Noble Corp. by 26.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 9,202,846 shares of the company’s stock valued at $75,831,000 after buying an additional 1,928,876 shares during the last quarter. Finally, Marshall Wace LLP increased its position in shares of Noble Corp. by 141.3% in the second quarter. Marshall Wace LLP now owns 2,088,065 shares of the company’s stock valued at $17,206,000 after buying an additional 1,222,798 shares during the last quarter. 90.86% 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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