An issue of Noble Corporation (NYSE:NE) bonds rose 1.8% as a percentage of their face value during trading on Wednesday. The high-yield debt issue has a 7.75% coupon and will mature on January 15, 2024. The bonds in the issue are now trading at $85.31 and were trading at $81.25 one week ago. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.
Several equities analysts recently weighed in on NE shares. Jefferies Group LLC set a $7.00 target price on shares of Noble Corporation and gave the company a “buy” rating in a research note on Wednesday, May 24th. Argus reaffirmed a “sell” rating and set a $6.00 target price on shares of Noble Corporation in a research note on Friday, August 18th. Seaport Global Securities reaffirmed a “neutral” rating on shares of Noble Corporation in a research note on Monday, August 7th. ValuEngine raised shares of Noble Corporation from a “strong sell” rating to a “sell” rating in a research note on Friday, September 1st. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $5.00 target price on shares of Noble Corporation in a research note on Friday, September 1st. Seven research analysts have rated the stock with a sell rating, eighteen have given a hold rating, six have issued 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 $5.94.
Shares of Noble Corporation (NYSE NE) opened at 3.88 on Friday. The company’s 50-day moving average is $3.53 and its 200-day moving average is $4.52. Noble Corporation has a one year low of $3.14 and a one year high of $8.37. The company’s market cap is $949.00 million.
Noble Corporation (NYSE:NE) last announced its quarterly earnings data on Thursday, August 3rd. The oil and gas company reported ($0.31) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.33) by $0.02. Noble Corporation had a negative net margin of 122.04% and a negative return on equity of 3.19%. The firm had revenue of $278.10 million during the quarter, compared to analyst estimates of $284.99 million. During the same quarter in the prior year, the firm posted $0.01 earnings per share. Noble Corporation’s quarterly revenue was down 68.9% on a year-over-year basis. On average, equities analysts predict that Noble Corporation will post ($1.25) EPS for the current year.
Hedge funds have recently made changes to their positions in the business. Chicago Equity Partners LLC boosted its stake in Noble Corporation by 50.7% during 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 boosted its stake in Noble Corporation by 95.9% during 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 position in Noble Corporation during the second quarter worth about $117,000. Teacher Retirement System of Texas boosted its stake in Noble Corporation by 16.8% during 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 boosted its stake in Noble Corporation by 109.3% during 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. 95.64% of the stock is owned by institutional investors.
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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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