Noble Corp. (NE) Bond Prices Rise 1%
An issue of Noble Corp. (NYSE:NE) debt rose 1% as a percentage of its face value during trading on Friday. The high-yield issue of debt has a 3.95% coupon and will mature on March 15, 2022. The bonds in the issue are now trading at $71.75. Price moves in a company’s debt in credit markets often predict parallel moves in its share price.
A number of equities analysts have commented on NE shares. Jefferies Group reduced their price target on shares of Noble Corp. from $8.00 to $7.50 and set a “hold” rating on the stock in a research report on Friday, July 29th. Argus lowered shares of Noble Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, August 10th. Bank of America Corp. upgraded shares of Noble Corp. from an “underperform” rating to a “neutral” rating and set a $7.50 target price on the stock in a research report on Tuesday, August 16th. Nomura set a $6.00 target price on shares of Noble Corp. and gave the stock a “sell” rating in a research report on Tuesday, August 16th. Finally, Citigroup Inc. reduced their target price on shares of Noble Corp. from $9.00 to $6.50 and set a “neutral” rating on the stock in a research report on Thursday, August 25th. Eight analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $8.27.
Noble Corp. (NYSE:NE) opened at 5.55 on Friday. The firm has a market cap of $1.35 billion, a PE ratio of 6.43 and a beta of 2.10. Noble Corp. has a 12-month low of $4.45 and a 12-month high of $14.31. The stock has a 50 day moving average of $5.61 and a 200 day moving average of $7.30.
Noble Corp. (NYSE:NE) last posted its earnings results on Thursday, November 3rd. The company reported ($0.23) EPS for the quarter, missing the consensus estimate of ($0.19) by $0.04. Noble Corp. had a return on equity of 2.14% and a net margin of 7.90%. The business had revenue of $385.20 million for the quarter, compared to analyst estimates of $646.42 million. During the same quarter in the prior year, the business earned $0.72 earnings per share. The firm’s quarterly revenue was down 57.0% on a year-over-year basis. On average, equities research analysts anticipate that Noble Corp. will post ($0.07) EPS for the current fiscal year.
A number of large investors have recently bought and sold shares of NE. LS Investment Advisors LLC increased its stake in Noble Corp. by 5.6% in the third quarter. LS Investment Advisors LLC now owns 15,695 shares of the company’s stock valued at $100,000 after buying an additional 834 shares in the last quarter. Global Endowment Management LP acquired a new stake in Noble Corp. during the third quarter valued at approximately $100,000. Capstone Investment Advisors LLC acquired a new stake in Noble Corp. during the second quarter valued at approximately $102,000. Acadian Asset Management LLC increased its stake in Noble Corp. by 1,343.9% in the third quarter. Acadian Asset Management LLC now owns 16,114 shares of the company’s stock valued at $102,000 after buying an additional 14,998 shares in the last quarter. Finally, Advisor Group Inc. increased its stake in Noble Corp. by 112.7% in the third quarter. Advisor Group Inc. now owns 15,989 shares of the company’s stock valued at $102,000 after buying an additional 8,472 shares in the last quarter. Institutional investors and hedge funds own 90.86% of the company’s stock.
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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