ValuEngine Downgrades Noble (NE) to Strong Sell

Noble (NYSE:NE) was downgraded by equities research analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a research note issued on Friday.

NE has been the topic of a number of other reports. Piper Jaffray Companies reiterated a “hold” rating and set a $2.85 target price on shares of Noble in a report on Sunday, October 22nd. Deutsche Bank initiated coverage on shares of Noble in a report on Tuesday, October 10th. They set a “hold” rating and a $4.00 target price on the stock. Royal Bank Of Canada set a $5.00 price objective on shares of Noble and gave the company a “hold” rating in a research report on Saturday, October 7th. Cowen set a $3.00 price objective on shares of Noble and gave the company a “hold” rating in a research report on Wednesday, October 18th. Finally, Zacks Investment Research downgraded shares of Noble from a “buy” rating to a “hold” rating in a research report on Monday, October 23rd. Six research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $5.56.

Noble (NYSE NE) traded up $0.28 during trading on Friday, reaching $4.46. 8,413,954 shares of the company’s stock were exchanged, compared to its average volume of 7,715,651. Noble has a 12 month low of $3.14 and a 12 month high of $8.37. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.64.

Noble (NYSE:NE) last released its earnings results on Thursday, November 2nd. The oil and gas company reported ($0.36) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.36). The company had revenue of $266.20 million for the quarter, compared to analyst estimates of $269.61 million. Noble had a negative net margin of 136.22% and a negative return on equity of 3.94%. The firm’s quarterly revenue was down 30.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.23) EPS. equities analysts expect that Noble will post -1.17 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State Street Corp grew its position in shares of Noble by 31.7% in the 2nd quarter. State Street Corp now owns 22,444,196 shares of the oil and gas company’s stock valued at $81,248,000 after buying an additional 5,405,697 shares during the last quarter. River & Mercantile Asset Management LLP grew its position in shares of Noble by 15.0% in the 2nd quarter. River & Mercantile Asset Management LLP now owns 1,132,617 shares of the oil and gas company’s stock valued at $4,094,000 after buying an additional 147,797 shares during the last quarter. SG Americas Securities LLC grew its position in shares of Noble by 112.0% in the 2nd quarter. SG Americas Securities LLC now owns 330,546 shares of the oil and gas company’s stock valued at $1,197,000 after buying an additional 174,656 shares during the last quarter. Contrarius Investment Management Ltd grew its position in shares of Noble by 21.7% in the 3rd quarter. Contrarius Investment Management Ltd now owns 6,631,412 shares of the oil and gas company’s stock valued at $30,504,000 after buying an additional 1,184,494 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of Noble by 33.8% in the 2nd quarter. Northern Trust Corp now owns 3,337,639 shares of the oil and gas company’s stock valued at $12,082,000 after buying an additional 843,007 shares during the last quarter. 87.29% of the stock is currently owned by hedge funds and other institutional investors.

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Noble 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.

Analyst Recommendations for Noble (NYSE:NE)

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