Noble Corp. (NE) Short Interest Update
Noble Corp. (NYSE:NE) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 56,092,250 shares, a growth of 26.0% from the October 14th total of 44,515,232 shares. Approximately 23.3% of the shares of the company are sold short. Based on an average daily trading volume, of 11,043,910 shares, the days-to-cover ratio is presently 5.1 days.
Shares of Noble Corp. (NYSE:NE) opened at 5.55 on Friday. The stock has a market cap of $1.35 billion, a P/E ratio of 6.43 and a beta of 2.10. Noble Corp. has a 52-week low of $4.45 and a 52-week high of $14.31. The firm’s 50-day moving average price is $5.58 and its 200-day moving average price is $7.13.
Noble Corp. (NYSE:NE) last issued its quarterly earnings results on Thursday, November 3rd. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by $0.04. The firm had revenue of $385.20 million for the quarter, compared to the consensus estimate of $646.42 million. Noble Corp. had a net margin of 7.90% and a return on equity of 2.14%. The business’s revenue for the quarter was down 57.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.72 earnings per share. On average, equities research analysts forecast that Noble Corp. will post ($0.07) earnings per share for the current fiscal year.
A number of institutional investors have recently modified their holdings of NE. LS Investment Advisors LLC raised its position in shares of Noble Corp. by 5.6% in the third quarter. LS Investment Advisors LLC now owns 15,695 shares of the company’s stock worth $100,000 after buying an additional 834 shares during the last quarter. Global Endowment Management LP purchased a new position in shares of Noble Corp. during the third quarter worth about $100,000. Capstone Investment Advisors LLC purchased a new position in shares of Noble Corp. during the second quarter worth about $102,000. Acadian Asset Management LLC raised its position in shares of Noble Corp. by 1,343.9% in the third quarter. Acadian Asset Management LLC now owns 16,114 shares of the company’s stock worth $102,000 after buying an additional 14,998 shares during the last quarter. Finally, Advisor Group Inc. raised its position in shares of Noble Corp. by 112.7% in the third quarter. Advisor Group Inc. now owns 15,989 shares of the company’s stock worth $102,000 after buying an additional 8,472 shares during the last quarter. 90.86% of the stock is owned by hedge funds and other institutional investors.
NE has been the topic of a number of research reports. Vetr downgraded Noble Corp. from a “strong-buy” rating to a “buy” rating and set a $6.90 price target on the stock. in a research note on Wednesday, September 28th. Jefferies Group lowered their target price on Noble Corp. from $7.50 to $6.00 and set a “hold” rating on the stock in a research note on Wednesday, September 28th. Credit Suisse Group AG reiterated a “buy” rating and issued a $10.00 target price on shares of Noble Corp. in a research note on Thursday, September 1st. Zacks Investment Research upgraded Noble Corp. from a “sell” rating to a “hold” rating in a research note on Thursday, October 27th. Finally, Scotiabank reiterated a “sector perform” rating and issued a $6.50 target price on shares of Noble Corp. in a research note on Wednesday, September 14th. Eight investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Noble Corp. currently has a consensus rating of “Hold” and an average price target of $8.36.
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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