Noble Corporation (NE) Raised to Sell at ValuEngine
ValuEngine upgraded shares of Noble Corporation (NYSE:NE) from a strong sell rating to a sell rating in a research note issued to investors on Friday.
NE has been the topic of a number of other research reports. Citigroup Inc. cut Noble Corporation from a buy rating to a neutral rating and decreased their price target for the stock from $11.00 to $4.70 in a research report on Friday, June 16th. Royal Bank Of Canada upgraded Noble Corporation from an underperform rating to a sector perform rating and set a $5.00 price target on the stock in a research report on Friday, August 25th. Piper Jaffray Companies set a $4.00 price target on Noble Corporation and gave the stock a hold rating in a research report on Monday, August 7th. Bank of America Corporation cut Noble Corporation from a neutral rating to an underperform rating and decreased their price target for the stock from $7.00 to $2.00 in a research report on Friday, June 30th. Finally, Societe Generale cut Noble Corporation from a buy rating to a hold rating in a research report on Monday, August 7th. Seven investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Noble Corporation presently has an average rating of Hold and an average target price of $6.09.
Shares of Noble Corporation (NE) opened at 3.42 on Friday. The stock has a 50 day moving average of $3.64 and a 200 day moving average of $4.73. Noble Corporation has a 52 week low of $3.14 and a 52 week high of $8.37. The firm’s market cap is $837.57 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 the Zacks’ consensus estimate 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 for the quarter, compared to analysts’ expectations of $284.99 million. During the same quarter last year, the business earned $0.01 earnings per share. Noble Corporation’s revenue was down 68.9% on a year-over-year basis. Analysts anticipate that Noble Corporation will post ($1.25) earnings per share for the current fiscal year.
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Institutional investors have recently bought and sold shares of the stock. Russell Investments Group Ltd. lifted its stake in shares of Noble Corporation by 323.4% in the first quarter. Russell Investments Group Ltd. now owns 726,384 shares of the oil and gas company’s stock worth $4,498,000 after acquiring an additional 554,833 shares during the period. BNP Paribas Arbitrage SA lifted its stake in shares of Noble Corporation by 3.2% in the first quarter. BNP Paribas Arbitrage SA now owns 165,062 shares of the oil and gas company’s stock worth $1,022,000 after acquiring an additional 5,163 shares during the period. Vanguard Group Inc. lifted its stake in shares of 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 worth $124,744,000 after acquiring an additional 188,754 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Noble Corporation by 19.6% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 23,166 shares of the oil and gas company’s stock worth $143,000 after acquiring an additional 3,803 shares during the period. Finally, LMR Partners LLP acquired a new position in shares of Noble Corporation in the first quarter worth approximately $514,000. 95.64% of the stock is currently owned by institutional investors.
Noble Corporation Company Profile
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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