An issue of Noble Corporation (NYSE:NE) debt fell 1.1% as a percentage of its face value during trading on Wednesday. The high-yield debt issue has a 7.75% coupon and will mature on January 15, 2024. The debt is now trading at $89.63 and was trading at $88.50 one week ago. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its stock price.

NE has been the subject of several recent analyst reports. Jefferies Group LLC set a $7.00 target price on shares of Noble Corporation and gave the stock a “buy” rating in a research report on Saturday, July 1st. UBS AG raised shares of Noble Corporation from a “neutral” rating to a “buy” rating and upped their price target for the stock from $4.00 to $6.00 in a research note on Monday, September 25th. Zacks Investment Research raised shares of Noble Corporation from a “hold” rating to a “buy” rating and set a $4.50 price target for the company in a research note on Wednesday. HSBC Holdings plc began coverage on shares of Noble Corporation in a research note on Thursday. They issued a “buy” rating and a $5.30 price target for the company. Finally, Piper Jaffray Companies set a $4.00 price target on shares of Noble Corporation and gave the stock a “hold” rating in a research note on Monday, August 7th. Seven equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $5.60.

Noble Corporation (NYSE:NE) opened at 3.94 on Friday. The firm has a 50-day moving average of $4.00 and a 200 day moving average of $4.17. The firm’s market cap is $964.92 million. Noble Corporation has a 1-year low of $3.14 and a 1-year high of $8.37.

Noble Corporation (NYSE:NE) last announced its quarterly earnings data 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 business had revenue of $278.10 million for the quarter, compared to analyst estimates of $284.99 million. Noble Corporation had a negative net margin of 122.04% and a negative return on equity of 3.19%. The firm’s revenue for the quarter was down 68.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.01 earnings per share. Analysts expect that Noble Corporation will post ($1.24) earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position 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 purchasing an additional 188,754 shares in the last quarter. UBS Group AG lifted its position in shares of Noble Corporation by 3.1% in the first quarter. UBS Group AG now owns 225,672 shares of the oil and gas company’s stock worth $1,397,000 after purchasing an additional 6,767 shares in the last quarter. Credit Suisse AG lifted its position in shares of Noble Corporation by 326.2% in the first quarter. Credit Suisse AG now owns 915,197 shares of the oil and gas company’s stock worth $5,666,000 after purchasing an additional 700,438 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Noble Corporation by 112.0% in the second quarter. SG Americas Securities LLC now owns 330,546 shares of the oil and gas company’s stock worth $1,197,000 after purchasing an additional 174,656 shares in the last quarter. Finally, River & Mercantile Asset Management LLP lifted its position in shares of Noble Corporation by 15.0% in the second quarter. River & Mercantile Asset Management LLP now owns 1,132,617 shares of the oil and gas company’s stock worth $4,094,000 after purchasing an additional 147,797 shares in the last quarter. 95.45% of the stock is currently owned by institutional investors and hedge funds.

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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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