Noble Corporation (NYSE:NE) shares gapped up before the market opened on Tuesday . The stock had previously closed at $3.35, but opened at $3.42. Noble Corporation shares last traded at $3.51, with a volume of 5,012,601 shares.

NE has been the topic of several recent research reports. Nomura upgraded shares of Noble Corporation from a “reduce” rating to a “neutral” rating and set a $5.00 target price on the stock in a report on Thursday, May 18th. Jefferies Group LLC restated a “buy” rating and issued a $5.50 price target (down from $7.00) on shares of Noble Corporation in a report on Tuesday, July 18th. Instinet upgraded shares of Noble Corporation from a “reduce” rating to a “neutral” rating and raised their price target for the company from $4.35 to $5.00 in a report on Thursday, May 18th. Citigroup Inc. cut shares of Noble Corporation from a “buy” rating to a “neutral” rating and lowered their price target for the company from $11.00 to $4.70 in a report on Friday, June 16th. Finally, Sanford C. Bernstein cut shares of Noble Corporation from a “market perform” rating to an “underperform” rating and lowered their price target for the company from $7.00 to $2.50 in a report on Thursday, July 6th. Seven equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $5.96.

The stock has a 50-day moving average price of $3.62 and a 200-day moving average price of $4.64. The firm’s market capitalization is $859.61 million.

Noble Corporation (NYSE:NE) last released its quarterly earnings results on Thursday, August 3rd. The oil and gas company reported ($0.31) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.33) by $0.02. Noble Corporation had a negative return on equity of 3.19% and a negative net margin of 122.04%. The business had revenue of $278.10 million during the quarter, compared to analysts’ expectations of $284.99 million. During the same quarter in the prior year, the business earned $0.01 earnings per share. The company’s quarterly revenue was down 68.9% compared to the same quarter last year. On average, equities research analysts predict that Noble Corporation will post ($1.25) earnings per share for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in Noble Corporation by 37.6% in the second quarter. BlackRock Inc. now owns 32,390,455 shares of the oil and gas company’s stock worth $117,253,000 after acquiring an additional 8,843,373 shares in the last quarter. Vanguard Group Inc. raised its position in Noble Corporation by 16.7% in the second quarter. Vanguard Group Inc. now owns 23,523,527 shares of the oil and gas company’s stock worth $85,155,000 after acquiring an additional 3,371,015 shares in the last quarter. State Street Corp raised its position in Noble Corporation by 31.7% in the second quarter. State Street Corp now owns 22,444,196 shares of the oil and gas company’s stock worth $81,248,000 after acquiring an additional 5,405,697 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Noble Corporation by 57.3% in the first quarter. Dimensional Fund Advisors LP now owns 20,624,594 shares of the oil and gas company’s stock worth $127,666,000 after acquiring an additional 7,514,153 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Noble Corporation by 2.6% in the second quarter. Bank of New York Mellon Corp now owns 5,645,549 shares of the oil and gas company’s stock worth $20,437,000 after acquiring an additional 145,172 shares in the last quarter. Hedge funds and other institutional investors own 95.64% of the company’s stock.

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About Noble Corporation

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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