Noble Corp. (NE) Cut to Sell at Zacks Investment Research
Noble Corp. (NYSE:NE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday.
According to Zacks, “In this depressed pricing market, Noble Corporation faces uncertainty over its new contract flows and the dayrates. Oversupply of rigs is another major concern at a time when all contractors are cutting on their expenses. Additionally, the currently challenged offshore drilling space limits any potential upside. The recent early termination of rig contracts as well as cold stacking of rigs is likely to impact the company’s contract drilling revenues and costs going forward. Other company-specific risks include new product growth challenges, potential backlog losses and high dependency on its top customers.”
Several other equities analysts have also recently commented on NE. Jefferies Group reissued a “hold” rating on shares of Noble Corp. in a research note on Sunday, July 10th. Vetr cut shares of Noble Corp. from a “strong-buy” rating to a “buy” rating and set a $6.90 price objective on the stock. in a research note on Wednesday, September 28th. Societe Generale cut shares of Noble Corp. from a “buy” rating to a “hold” rating in a research note on Monday. Scotiabank reaffirmed a “sector perform” rating and issued a $6.50 price objective on shares of Noble Corp. in a research note on Wednesday, September 14th. Finally, Argus cut shares of Noble Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, August 10th. Eight investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $8.79.
Noble Corp. (NYSE:NE) traded down 3.707% during trading on Monday, reaching $6.105. 7,326,123 shares of the company’s stock were exchanged. The company’s 50 day moving average price is $5.89 and its 200-day moving average price is $8.37. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 2.542 and a beta of 2.09. Noble Corp. has a 52 week low of $5.09 and a 52 week high of $14.64.
Noble Corp. (NYSE:NE) last released its earnings results on Wednesday, July 27th. The company reported $0.01 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by $0.22. The company had revenue of $894.70 million for the quarter, compared to analyst estimates of $527.48 million. Noble Corp. had a net margin of 18.34% and a return on equity of 5.22%. The firm’s quarterly revenue was down 37.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.64 EPS. On average, equities analysts expect that Noble Corp. will post ($0.06) EPS for the current year.
Institutional investors have recently made changes to their positions in the company. Capstone Investment Advisors LLC bought a new position in shares of Noble Corp. during the second quarter worth about $102,000. IFP Advisors Inc raised its position in shares of Noble Corp. by 5.4% in the first quarter. IFP Advisors Inc now owns 10,692 shares of the company’s stock worth $111,000 after buying an additional 550 shares during the period. LS Investment Advisors LLC raised its position in shares of Noble Corp. by 77.4% in the second quarter. LS Investment Advisors LLC now owns 14,861 shares of the company’s stock worth $122,000 after buying an additional 6,483 shares during the period. James Investment Research Inc. bought a new position in shares of Noble Corp. during the second quarter worth about $124,000. Finally, World Asset Management Inc raised its position in shares of Noble Corp. by 3.9% in the second quarter. World Asset Management Inc now owns 16,600 shares of the company’s stock worth $137,000 after buying an additional 618 shares during the period. 90.26% of the stock is currently owned by institutional investors and hedge funds.
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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