Noble Corp. (NE) Receives Buy Rating from Evercore ISI
Several other equities research analysts also recently commented on the company. Credit Suisse Group AG reissued a buy rating and issued a $10.00 target price on shares of Noble Corp. in a report on Thursday, September 1st. Zacks Investment Research downgraded Noble Corp. from a hold rating to a sell rating in a report on Tuesday, July 5th. Scotiabank reissued a sector perform rating and issued a $6.50 target price on shares of Noble Corp. in a report on Wednesday, September 14th. Vetr raised Noble Corp. from a hold rating to a buy rating and set a $9.76 target price on the stock in a report on Monday, June 13th. Finally, Citigroup Inc. dropped their target price on Noble Corp. from $9.00 to $6.50 and set a neutral rating on the stock in a report on Thursday, August 25th. Seven equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $8.85.
Shares of Noble Corp. (NYSE:NE) opened at 5.67 on Thursday. Noble Corp. has a one year low of $5.09 and a one year high of $14.64. The company has a 50-day moving average price of $6.09 and a 200 day moving average price of $8.62. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of 2.36 and a beta of 2.05.
Noble Corp. (NYSE:NE) last issued 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. The firm earned $894.70 million during the quarter, compared to analysts’ expectations of $527.48 million. Noble Corp. had a return on equity of 5.22% and a net margin of 18.34%. Noble Corp.’s revenue for the quarter was down 37.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.64 earnings per share. Equities research analysts expect that Noble Corp. will post ($0.07) earnings per share for the current year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pioneer Investment Management Inc. purchased a new position in Noble Corp. during the fourth quarter valued at approximately $7,593,000. PGGM Investments increased its position in Noble Corp. by 2.5% in the first quarter. PGGM Investments now owns 166,830 shares of the company’s stock valued at $1,727,000 after buying an additional 4,048 shares during the last quarter. Glenmede Trust Co. NA increased its position in Noble Corp. by 271.5% in the first quarter. Glenmede Trust Co. NA now owns 179,212 shares of the company’s stock valued at $1,853,000 after buying an additional 130,972 shares during the last quarter. Aperio Group LLC increased its position in Noble Corp. by 19.8% in the first quarter. Aperio Group LLC now owns 235,565 shares of the company’s stock valued at $2,438,000 after buying an additional 39,013 shares during the last quarter. Finally, IFP Advisors Inc increased its position in Noble Corp. by 5.4% in the first quarter. IFP Advisors Inc now owns 10,692 shares of the company’s stock valued at $111,000 after buying an additional 550 shares during the last quarter. Institutional investors own 90.26% of the company’s stock.
About Noble Corp.
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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