Amalgamated Bank Increases Position in Noble Corporation (NYSE:NE)
Amalgamated Bank boosted its stake in shares of Noble Corporation (NYSE:NE) by 3.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,373 shares of the oil and gas company’s stock after buying an additional 1,140 shares during the period. Amalgamated Bank’s holdings in Noble Corporation were worth $238,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in NE. BlackRock Inc. raised its stake in shares of Noble Corporation by 13,598.2% in the first quarter. BlackRock Inc. now owns 23,547,082 shares of the oil and gas company’s stock valued at $145,756,000 after buying an additional 23,375,183 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Noble Corporation by 57.3% in the first quarter. Dimensional Fund Advisors LP now owns 20,624,594 shares of the oil and gas company’s stock valued at $127,666,000 after buying an additional 7,514,153 shares during the period. Vanguard Group Inc. increased its position in Noble Corporation by 0.9% in the first quarter. Vanguard Group Inc. now owns 20,152,512 shares of the oil and gas company’s stock valued at $124,744,000 after buying an additional 188,754 shares in the last quarter. Bank of New York Mellon Corp increased its position in Noble Corporation by 18.9% in the first quarter. Bank of New York Mellon Corp now owns 5,500,377 shares of the oil and gas company’s stock valued at $34,046,000 after buying an additional 874,434 shares in the last quarter. Finally, MARSHALL WACE ASIA Ltd acquired a new position in Noble Corporation during the first quarter valued at $30,425,000. Institutional investors own 96.83% of the company’s stock.
Shares of Noble Corporation (NYSE:NE) traded up 2.21% during mid-day trading on Friday, hitting $3.24. 7,501,319 shares of the stock traded hands. Noble Corporation has a one year low of $3.15 and a one year high of $8.37. The stock has a 50-day moving average of $3.75 and a 200 day moving average of $4.99. The stock’s market cap is $793.49 million.
Noble Corporation (NYSE:NE) last issued its quarterly earnings results on Thursday, August 3rd. The oil and gas company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.02. Noble Corporation had a negative return on equity of 3.19% and a negative net margin of 122.04%. The company had revenue of $278.10 million during the quarter, compared to analyst estimates of $284.99 million. During the same period in the previous year, the company earned $0.01 earnings per share. The company’s quarterly revenue was down 68.9% compared to the same quarter last year. Equities analysts predict that Noble Corporation will post ($1.25) EPS for the current fiscal year.
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NE has been the topic of several research reports. Credit Suisse Group reissued a “buy” rating and issued a $10.00 price target on shares of Noble Corporation in a research note on Friday, April 21st. Citigroup Inc. downgraded shares of Noble Corporation from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $11.00 to $4.70 in a research note on Friday, June 16th. Piper Jaffray Companies set a $4.00 target price on shares of Noble Corporation and gave the stock a “hold” rating in a research note on Monday, August 7th. Bank of America Corporation downgraded shares of Noble Corporation from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $7.00 to $2.00 in a research note on Friday, June 30th. Finally, Barclays PLC reduced their target price on shares of Noble Corporation from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Monday, May 1st. Eight analysts have rated the stock with a sell rating, seventeen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $6.09.
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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