Noble Corporation (NE) Bonds Trading 1.5% Higher
An issue of Noble Corporation (NYSE:NE) debt rose 1.5% as a percentage of its face value during trading on Wednesday. The debt issue has a 7.75% coupon and will mature on January 15, 2024. The debt is now trading at $79.00 and was trading at $76.50 last week. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.
A number of research analysts have recently weighed in on NE shares. Jefferies Group LLC set a $7.00 price target on Noble Corporation and gave the company a “buy” rating in a research report on Wednesday, May 24th. Argus restated a “sell” rating and issued a $6.00 price target on shares of Noble Corporation in a research report on Friday, August 18th. Seaport Global Securities restated a “neutral” rating on shares of Noble Corporation in a research report on Monday, August 7th. Royal Bank Of Canada restated a “hold” rating and issued a $5.00 price target on shares of Noble Corporation in a research report on Friday, September 1st. Finally, ValuEngine upgraded Noble Corporation from a “strong sell” rating to a “sell” rating in a research report on Friday, September 1st. Seven equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $5.96.
Noble Corporation (NYSE NE) traded up 1.99% during trading on Wednesday, reaching $3.58. The company had a trading volume of 4,318,254 shares. The company’s market capitalization is $876.75 million. Noble Corporation has a 12 month low of $3.14 and a 12 month high of $8.37. The stock has a 50 day moving average of $3.61 and a 200-day moving average of $4.64.
Noble Corporation (NYSE:NE) last released its quarterly earnings results on Thursday, August 3rd. The oil and gas company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.02. The company had revenue of $278.10 million during 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%. The firm’s revenue was down 68.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.01 EPS. Equities research analysts expect that Noble Corporation will post ($1.25) EPS for the current fiscal year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in NE. Chicago Equity Partners LLC boosted its stake in shares of Noble Corporation by 50.7% during the 1st quarter. Chicago Equity Partners LLC now owns 16,650 shares of the oil and gas company’s stock worth $103,000 after acquiring an additional 5,600 shares in the last quarter. Founders Capital Management boosted its stake in shares of Noble Corporation by 95.9% during the 2nd quarter. Founders Capital Management now owns 30,270 shares of the oil and gas company’s stock worth $110,000 after acquiring an additional 14,820 shares in the last quarter. Pinebridge Investments L.P. bought a new stake in shares of Noble Corporation during the 2nd quarter worth about $117,000. Teacher Retirement System of Texas boosted its stake in shares of Noble Corporation by 16.8% during the 1st quarter. Teacher Retirement System of Texas now owns 19,601 shares of the oil and gas company’s stock worth $121,000 after acquiring an additional 2,816 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Noble Corporation by 109.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 31,400 shares of the oil and gas company’s stock worth $125,000 after acquiring an additional 16,400 shares in the last quarter. Institutional investors own 95.64% of the company’s stock.
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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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