Noble (NE) Bonds Trading 1.5% Higher

An issue of Noble Co. (NYSE:NE) debt rose 1.5% as a percentage of its face value during trading on Monday. The high-yield debt issue has a 7.75% coupon and will mature on January 15, 2024. The debt is now trading at $95.85 and was trading at $92.13 last week. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its stock price.

Several research firms recently weighed in on NE. Royal Bank of Canada set a $5.00 price objective on shares of Noble and gave the stock a “hold” rating in a research report on Thursday, December 21st. Susquehanna Bancshares set a $5.00 price objective on shares of Noble and gave the stock a “hold” rating in a research report on Friday, February 16th. Seaport Global Securities set a $4.00 price objective on shares of Noble and gave the stock a “hold” rating in a research report on Monday, February 26th. Zacks Investment Research cut shares of Noble from a “hold” rating to a “sell” rating in a research report on Tuesday, January 16th. Finally, ValuEngine cut shares of Noble from a “sell” rating to a “strong sell” rating in a research report on Friday, February 2nd. Six equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $4.74.

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Shares of Noble stock opened at $4.55 on Wednesday. Noble Co. has a 52 week low of $3.14 and a 52 week high of $5.80. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.75 and a current ratio of 1.75.

Noble (NYSE:NE) last issued its earnings results on Wednesday, February 21st. The oil and gas company reported ($0.29) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.04. The company had revenue of $329.59 million during the quarter, compared to analysts’ expectations of $285.67 million. Noble had a negative net margin of 41.76% and a negative return on equity of 4.61%. The business’s revenue for the quarter was down 19.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.15) EPS. research analysts expect that Noble Co. will post -1.82 EPS for the current year.

Several institutional investors have recently modified their holdings of the business. BlackRock Inc. raised its position in shares of Noble by 7.5% during the 4th quarter. BlackRock Inc. now owns 35,152,960 shares of the oil and gas company’s stock valued at $158,891,000 after acquiring an additional 2,459,833 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Noble by 141.6% during the 4th quarter. Renaissance Technologies LLC now owns 6,666,800 shares of the oil and gas company’s stock valued at $30,134,000 after acquiring an additional 3,906,800 shares during the last quarter. Deutsche Bank AG grew its holdings in shares of Noble by 45.5% in the 4th quarter. Deutsche Bank AG now owns 2,895,081 shares of the oil and gas company’s stock valued at $13,082,000 after buying an additional 905,521 shares during the period. California Public Employees Retirement System grew its holdings in shares of Noble by 1.8% in the 4th quarter. California Public Employees Retirement System now owns 2,429,204 shares of the oil and gas company’s stock valued at $10,980,000 after buying an additional 43,462 shares during the period. Finally, Penn Capital Management Co. Inc. grew its holdings in shares of Noble by 54.1% in the 4th quarter. Penn Capital Management Co. Inc. now owns 2,257,615 shares of the oil and gas company’s stock valued at $10,219,000 after buying an additional 792,565 shares during the period. Institutional investors own 87.75% of the company’s stock.

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About Noble

Noble Corporation plc operates as an offshore drilling contractor for the oil and gas industry worldwide. It provides contract drilling services using mobile offshore drilling units. As of December 31, 2017, the company operated a fleet of 8 drill ships, 6 semisubmersibles, and 14 jack ups. Noble Corporation plc was founded in 1921 and is headquartered in London, the United Kingdom.

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