Noble Corp. (NYSE:NE) shares dropped 2.7% during trading on Tuesday . The stock traded as low as $6.51 and last traded at $6.57, with a volume of 7,067,579 shares traded. The stock had previously closed at $6.75.

NE has been the subject of several recent research reports. Zacks Investment Research cut shares of Noble Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, July 5th. Vetr upgraded shares of Noble Corp. from a “hold” rating to a “buy” rating and set a $9.76 target price for the company in a report on Monday, June 13th. Evercore ISI restated a “buy” rating and set a $11.00 target price on shares of Noble Corp. in a report on Friday, May 13th. Argus cut shares of Noble Corp. from a “buy” rating to a “hold” rating and reduced their target price for the stock from $9.71 to $8.53 in a report on Friday, May 20th. Finally, Jefferies Group restated a “hold” rating on shares of Noble Corp. in a report on Sunday, July 10th. Eight investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $9.63.

The stock has a 50-day moving average of $7.72 and a 200-day moving average of $9.07. The stock has a market capitalization of $1.61 billion and a PE ratio of 2.75.

Noble Corp. (NYSE:NE) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.01 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by $0.22. During the same quarter in the previous year, the company posted $0.64 EPS. The firm earned $894.70 million during the quarter, compared to analysts’ expectations of $527.48 million. The firm’s revenue for the quarter was down 37.2% on a year-over-year basis. Equities research analysts forecast that Noble Corp. will post $0.01 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 8th. Investors of record on Monday, August 1st were given a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 1.21%. The ex-dividend date was Thursday, July 28th.

A hedge fund recently raised its stake in Noble Corp. stock. BNP Paribas Arbitrage SA increased its stake in Noble Corp. (NYSE:NE) by 7.2% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 180,089 shares of the company’s stock after buying an additional 12,055 shares during the period. BNP Paribas Arbitrage SA owned approximately 0.07% of Noble Corp. worth $1,900,000 as of its most recent SEC filing.

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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