Noble Corporation (NE) Bonds Rise 2.5% During Trading

An issue of Noble Corporation (NYSE:NE) debt rose 2.5% against its face value during trading on Friday. The high-yield issue of debt has a 5.25% coupon and will mature on March 15, 2042. The bonds in the issue are now trading at $65.50. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its share price.

Several equities research analysts have commented on the company. Seaport Global Securities restated a “neutral” rating on shares of Noble Corporation in a research note on Monday, August 7th. Jefferies Group LLC set a $7.00 price target on Noble Corporation and gave the stock a “buy” rating in a research note on Saturday, July 1st. Goldman Sachs Group, Inc. (The) upgraded Noble Corporation to a “sell” rating in a research note on Wednesday, August 9th. Piper Jaffray Companies set a $4.00 price target on Noble Corporation and gave the stock a “hold” rating in a research note on Monday, August 7th. Finally, Argus restated a “sell” rating and set a $6.00 price target on shares of Noble Corporation in a research note on Friday, August 18th. Seven 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. The stock has an average rating of “Hold” and a consensus target price of $5.94.

Noble Corporation (NYSE:NE) opened at 3.96 on Friday. Noble Corporation has a 12-month low of $3.14 and a 12-month high of $8.37. The firm’s 50-day moving average price is $3.53 and its 200 day moving average price is $4.50. The company’s market capitalization is $969.82 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 consensus estimate of ($0.33) by $0.02. The firm had revenue of $278.10 million for the quarter, compared to analysts’ expectations of $284.99 million. Noble Corporation had a negative net margin of 122.04% and a negative return on equity of 3.19%. The company’s revenue for the quarter was down 68.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.01 EPS. On average, equities research analysts expect that Noble Corporation will post ($1.25) EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the company. Chicago Equity Partners LLC raised its holdings in Noble Corporation by 50.7% in the 1st quarter. Chicago Equity Partners LLC now owns 16,650 shares of the oil and gas company’s stock valued at $103,000 after acquiring an additional 5,600 shares during the period. Founders Capital Management raised its holdings in Noble Corporation by 95.9% in the 2nd quarter. Founders Capital Management now owns 30,270 shares of the oil and gas company’s stock valued at $110,000 after acquiring an additional 14,820 shares during the period. Pinebridge Investments L.P. bought a new position in Noble Corporation in the 2nd quarter valued at about $117,000. Teacher Retirement System of Texas raised its holdings in Noble Corporation by 16.8% in the 1st quarter. Teacher Retirement System of Texas now owns 19,601 shares of the oil and gas company’s stock valued at $121,000 after acquiring an additional 2,816 shares during the period. Finally, Nisa Investment Advisors LLC raised its holdings in Noble Corporation by 109.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 31,400 shares of the oil and gas company’s stock valued at $125,000 after acquiring an additional 16,400 shares during the period. 95.64% of the stock is currently owned by institutional investors.

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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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