Noble Corporation (NE) Downgraded by Zacks Investment Research

Noble Corporation (NYSE:NE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.

According to Zacks, “Noble Corporation’s robust portfolio of assets, long-term commitments and strong backlog offer some relief in the currently weak pricing scenario.  What's more, Noble continues to benefit from its ability to land contract extensions even in a weak market. Moreover, the company’s continuous endeavors to upgrade its fleet will prove beneficial in the existing tough market conditions. However, the driller’s three-month pricing chart reveals Noble underperformed the drilling industry. The company’s high level of debt is another concern.”

A number of other equities research analysts have also weighed in on NE. Bank of America Corporation lowered Noble Corporation from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $7.00 to $2.00 in a research report on Friday, June 30th. Jefferies Group LLC set a $7.00 price objective on Noble Corporation and gave the stock a “buy” rating in a research report on Saturday, July 1st. Sanford C. Bernstein lowered Noble Corporation from a “market perform” rating to an “underperform” rating and cut their price objective for the stock from $7.00 to $2.50 in a research report on Thursday, July 6th. Royal Bank Of Canada reiterated a “sell” rating and issued a $5.00 price objective on shares of Noble Corporation in a research report on Thursday, July 20th. Finally, ValuEngine cut Noble Corporation from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 1st. Seven investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have issued a buy rating to the company. Noble Corporation presently has an average rating of “Hold” and an average target price of $5.56.

Shares of Noble Corporation (NYSE NE) traded up 0.132% during mid-day trading on Monday, reaching $3.785. The company had a trading volume of 1,385,751 shares. Noble Corporation has a 12-month low of $3.14 and a 12-month high of $8.37. The firm’s market capitalization is $926.96 million. The stock has a 50 day moving average price of $4.02 and a 200 day moving average price of $4.15.

Noble Corporation (NYSE:NE) last issued its quarterly earnings data on Thursday, August 3rd. The oil and gas company reported ($0.31) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.33) by $0.02. The firm had revenue of $278.10 million for the quarter, compared to analyst estimates of $284.99 million. Noble Corporation had a negative return on equity of 3.19% and a negative net margin of 122.04%. The business’s quarterly revenue was down 68.9% compared to the same quarter last year. During the same period last year, the company earned $0.01 EPS. On average, equities analysts forecast that Noble Corporation will post ($1.24) earnings per share for the current year.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in NE. Ameriprise Financial Inc. boosted its stake in shares of Noble Corporation by 7.0% in the first quarter. Ameriprise Financial Inc. now owns 679,702 shares of the oil and gas company’s stock worth $4,206,000 after acquiring an additional 44,544 shares during the period. Parametric Portfolio Associates LLC boosted its stake in shares of Noble Corporation by 54.3% in the first quarter. Parametric Portfolio Associates LLC now owns 417,057 shares of the oil and gas company’s stock worth $2,582,000 after acquiring an additional 146,847 shares during the period. Credit Agricole S A bought a new position in shares of Noble Corporation in the first quarter worth about $743,000. Principal Financial Group Inc. boosted its stake in shares of Noble Corporation by 3.2% in the first quarter. Principal Financial Group Inc. now owns 998,007 shares of the oil and gas company’s stock worth $6,178,000 after acquiring an additional 31,058 shares during the period. Finally, FMR LLC lifted its position in shares of Noble Corporation by 197.4% in the first quarter. FMR LLC now owns 984,300 shares of the oil and gas company’s stock worth $6,093,000 after buying an additional 653,300 shares in the last quarter. 95.45% of the stock is owned by hedge funds and other institutional investors.

About Noble Corporation

Noble Corporation is an offshore drilling contractor for the oil and gas industry. The Company performs contract drilling services w

According to Zacks, “Noble Corporation’s robust portfolio of assets, long-term commitments and strong backlog offer some relief in the currently weak pricing scenario.  What's more, Noble continues to benefit from its ability to land contract extensions even in a weak market. Moreover, the company’s continuous endeavors to upgrade its fleet will prove beneficial in the existing tough market conditions. However, the driller’s three-month pricing chart reveals Noble underperformed the drilling industry. The company’s high level of debt is another concern.”

A number of other equities research analysts have also weighed in on NE. Bank of America Corporation lowered Noble Corporation from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $7.00 to $2.00 in a research report on Friday, June 30th. Jefferies Group LLC set a $7.00 price objective on Noble Corporation and gave the stock a “buy” rating in a research report on Saturday, July 1st. Sanford C. Bernstein lowered Noble Corporation from a “market perform” rating to an “underperform” rating and cut their price objective for the stock from $7.00 to $2.50 in a research report on Thursday, July 6th. Royal Bank Of Canada reiterated a “sell” rating and issued a $5.00 price objective on shares of Noble Corporation in a research report on Thursday, July 20th. Finally, ValuEngine cut Noble Corporation from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 1st. Seven investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have issued a buy rating to the company. Noble Corporation presently has an average rating of “Hold” and an average target price of $5.56.

Shares of Noble Corporation (NYSE NE) traded up 0.132% during mid-day trading on Monday, reaching $3.785. The company had a trading volume of 1,385,751 shares. Noble Corporation has a 12-month low of $3.14 and a 12-month high of $8.37. The firm’s market capitalization is $926.96 million. The stock has a 50 day moving average price of $4.02 and a 200 day moving average price of $4.15.

Noble Corporation (NYSE:NE) last issued its quarterly earnings data on Thursday, August 3rd. The oil and gas company reported ($0.31) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.33) by $0.02. The firm had revenue of $278.10 million for the quarter, compared to analyst estimates of $284.99 million. Noble Corporation had a negative return on equity of 3.19% and a negative net margin of 122.04%. The business’s quarterly revenue was down 68.9% compared to the same quarter last year. During the same period last year, the company earned $0.01 EPS. On average, equities analysts forecast that Noble Corporation will post ($1.24) earnings per share for the current year.

ILLEGAL ACTIVITY NOTICE: This news story was first posted by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this news story on another website, it was copied illegally and reposted in violation of US & international trademark and copyright law. The correct version of this news story can be accessed at https://ledgergazette.com/2017/10/23/noble-corporation-ne-downgraded-by-zacks-investment-research.html.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NE. Ameriprise Financial Inc. boosted its stake in shares of Noble Corporation by 7.0% in the first quarter. Ameriprise Financial Inc. now owns 679,702 shares of the oil and gas company’s stock worth $4,206,000 after acquiring an additional 44,544 shares during the period. Parametric Portfolio Associates LLC boosted its stake in shares of Noble Corporation by 54.3% in the first quarter. Parametric Portfolio Associates LLC now owns 417,057 shares of the oil and gas company’s stock worth $2,582,000 after acquiring an additional 146,847 shares during the period. Credit Agricole S A bought a new position in shares of Noble Corporation in the first quarter worth about $743,000. Principal Financial Group Inc. boosted its stake in shares of Noble Corporation by 3.2% in the first quarter. Principal Financial Group Inc. now owns 998,007 shares of the oil and gas company’s stock worth $6,178,000 after acquiring an additional 31,058 shares during the period. Finally, FMR LLC lifted its position in shares of Noble Corporation by 197.4% in the first quarter. FMR LLC now owns 984,300 shares of the oil and gas company’s stock worth $6,093,000 after buying an additional 653,300 shares in the last quarter. 95.45% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Noble Corporation (NYSE:NE)

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