Noble Corp. (NE) Trading Down 2%
Noble Corp. (NYSE:NE) shares fell 2% on Wednesday . The stock traded as low as $7.95 and last traded at $8.18, with a volume of 4,693,565 shares trading hands. The stock had previously closed at $8.35.
Several brokerages have weighed in on NE. Simmons downgraded Noble Corp. to a “sell” rating in a report on Saturday, March 12th. Deutsche Bank AG restated a “hold” rating on shares of Noble Corp. in a report on Saturday, March 12th. Goldman Sachs Group Inc. dropped their price objective on Noble Corp. from $5.50 to $4.75 in a report on Tuesday, April 12th. Zephirin Group restated a “hold” rating and set a $16.00 price objective (up from $11.00) on shares of Noble Corp. in a report on Thursday, May 5th. Finally, Barclays PLC dropped their price objective on Noble Corp. from $7.00 to $6.00 and set an “underweight” rating for the company in a report on Monday, March 28th. Eight research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $9.77.
The company’s 50 day moving average is $8.73 and its 200 day moving average is $9.39. The stock has a market cap of $2.00 billion and a P/E ratio of 4.67.
Noble Corp. (NYSE:NE) last released its quarterly earnings results on Wednesday, April 27th. The company reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.33 by $0.02. The business had revenue of $612 million for the quarter, compared to analysts’ expectations of $632.03 million. During the same quarter in the previous year, the business posted $0.72 EPS. The firm’s quarterly revenue was down 23.9% on a year-over-year basis. Equities research analysts forecast that Noble Corp. will post $0.51 EPS for the current fiscal year.
Other institutional investors have recently added to or reduced their stakes in the company. Russell Frank Co raised its position in Noble Corp. by 26.7% in the fourth quarter. Russell Frank Co now owns 861,001 shares of the company’s stock worth $9,154,000 after buying an additional 181,610 shares during the period. Nationwide Fund Advisors raised its position in Noble Corp. by 6.1% in the fourth quarter. Nationwide Fund Advisors now owns 534,547 shares of the company’s stock worth $5,639,000 after buying an additional 30,814 shares during the period. Schroder Investment Management Group raised its position in Noble Corp. by 3.4% in the fourth quarter. Schroder Investment Management Group now owns 443,641 shares of the company’s stock worth $4,681,000 after buying an additional 14,700 shares during the period. Finally, BNP Paribas Arbitrage SA raised its position in Noble Corp. by 7.2% in the fourth quarter. BNP Paribas Arbitrage SA now owns 180,089 shares of the company’s stock worth $1,900,000 after buying an additional 12,055 shares during the period.
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.