Zacks: Brokerages Anticipate Noble Corporation (NE) Will Announce Earnings of -$0.37 Per Share
Equities analysts forecast that Noble Corporation (NYSE:NE) will announce ($0.37) earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Noble Corporation’s earnings, with estimates ranging from ($0.41) to ($0.32). Noble Corporation posted earnings of ($0.23) per share in the same quarter last year, which indicates a negative year-over-year growth rate of 60.9%. The business is scheduled to announce its next earnings results on Thursday, November 2nd.
On average, analysts expect that Noble Corporation will report full year earnings of ($1.19) per share for the current year, with EPS estimates ranging from ($1.25) to ($1.11). For the next fiscal year, analysts anticipate that the company will report earnings of ($1.40) per share, with EPS estimates ranging from ($1.65) to ($1.12). Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of analysts that follow Noble Corporation.
Noble Corporation (NYSE:NE) last posted its earnings results on Thursday, August 3rd. The oil and gas company reported ($0.31) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.33) by $0.02. The company had revenue of $278.10 million for the quarter, compared to the consensus estimate of $284.99 million. Noble Corporation had a negative return on equity of 3.19% and a negative net margin of 122.04%. Noble Corporation’s quarterly revenue was down 68.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.01 earnings per share.
NE has been the subject of a number of research reports. Jefferies Group LLC set a $7.00 price target on Noble Corporation and gave the company a “buy” rating in a research note on Wednesday, May 24th. Seaport Global Securities reissued a “neutral” rating on shares of Noble Corporation in a research note on Monday, August 7th. Barclays PLC reduced their price objective on Noble Corporation from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Monday, May 1st. Piper Jaffray Companies set a $4.00 price objective on Noble Corporation and gave the stock a “hold” rating in a research note on Monday, August 7th. Finally, Societe Generale lowered Noble Corporation from a “buy” rating to a “hold” rating in a research note on Monday, August 7th. Seven investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $6.10.
Noble Corporation (NYSE:NE) traded up 0.31% during mid-day trading on Monday, reaching $3.24. The company’s stock had a trading volume of 2,573,282 shares. The firm’s market capitalization is $793.49 million. Noble Corporation has a 52 week low of $3.19 and a 52 week high of $8.37. The firm’s 50 day moving average price is $3.78 and its 200 day moving average price is $5.03.
A number of large investors have recently added to or reduced their stakes in NE. Chicago Equity Partners LLC increased its stake in Noble Corporation by 50.7% in the first quarter. Chicago Equity Partners LLC now owns 16,650 shares of the oil and gas company’s stock worth $103,000 after buying an additional 5,600 shares during the period. Founders Capital Management increased its stake in Noble Corporation by 95.9% in the second quarter. Founders Capital Management now owns 30,270 shares of the oil and gas company’s stock worth $110,000 after buying an additional 14,820 shares during the period. Pinebridge Investments L.P. purchased a new stake in Noble Corporation during the second quarter worth $117,000. Teacher Retirement System of Texas increased its stake in Noble Corporation by 16.8% in the first quarter. Teacher Retirement System of Texas now owns 19,601 shares of the oil and gas company’s stock worth $121,000 after buying an additional 2,816 shares during the period. Finally, Nisa Investment Advisors LLC increased its stake in Noble Corporation by 109.3% in the second quarter. Nisa Investment Advisors LLC now owns 31,400 shares of the oil and gas company’s stock worth $125,000 after buying an additional 16,400 shares during the period. 96.83% of the stock is currently owned by institutional investors and hedge funds.
About Noble Corporation
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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