Bank of Montreal Can Acquires New Stake in Noble Corp. (NE)
Bank of Montreal Can purchased a new position in Noble Corp. (NYSE:NE) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 922,625 shares of the company’s stock, valued at approximately $7,602,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Glenmede Trust Co. NA boosted its stake in shares of Noble Corp. by 271.5% in the first quarter. Glenmede Trust Co. NA now owns 179,212 shares of the company’s stock worth $1,853,000 after buying an additional 130,972 shares in the last quarter. Aperio Group LLC boosted its stake in shares of Noble Corp. by 19.8% in the first quarter. Aperio Group LLC now owns 235,565 shares of the company’s stock worth $2,438,000 after buying an additional 39,013 shares in the last quarter. IFP Advisors Inc boosted its stake 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 in the last quarter. Acrospire Investment Management LLC bought a new stake in shares of Noble Corp. during the first quarter worth about $217,000. Finally, Citizens Financial Group Inc RI boosted its stake in shares of Noble Corp. by 2.6% in the first quarter. Citizens Financial Group Inc RI now owns 250,800 shares of the company’s stock worth $2,596,000 after buying an additional 6,272 shares in the last quarter. 90.26% of the stock is owned by hedge funds and other institutional investors.
Shares of Noble Corp. (NYSE:NE) traded down 2.38% during midday trading on Friday, reaching $6.14. The company’s stock had a trading volume of 9,842,684 shares. Noble Corp. has a 12-month low of $5.09 and a 12-month high of $14.64. The company’s 50-day moving average price is $5.83 and its 200 day moving average price is $8.18. The company has a market capitalization of $1.49 billion, a P/E ratio of 2.56 and a beta of 2.09.
Noble Corp. (NYSE:NE) last announced its earnings results on Wednesday, July 27th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by $0.22. The business earned $894.70 million during the quarter, compared to the consensus estimate 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 was down 37.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 earnings per share. On average, equities research analysts forecast that Noble Corp. will post ($0.06) earnings per share for the current year.
A number of equities research analysts have recently issued reports on the company. Vetr upgraded Noble Corp. from a “hold” rating to a “buy” rating and set a $9.76 price objective on the stock in a research note on Monday, June 13th. Zacks Investment Research cut Noble Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 5th. Evercore ISI restated a “buy” rating on shares of Noble Corp. in a research note on Saturday, July 2nd. Jefferies Group restated a “hold” rating on shares of Noble Corp. in a research note on Sunday, July 10th. Finally, Argus cut Noble Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, August 10th. Eight analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $8.43.
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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