Zacks Investment Research cut shares of Noble (NYSE:NE) from a hold rating to a sell rating in a research note released on Tuesday.

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. The company’s high level of debt is a concern.  Noble is also facing pressure on top line as its total revenues declined at a CAGR of 15.6% over the past three years (2014–2016).”

Several other analysts have also issued reports on NE. UBS Group upgraded Noble from a neutral rating to a buy rating and boosted their target price for the company from $4.00 to $6.00 in a research note on Monday, September 25th. Royal Bank of Canada set a $5.00 target price on Noble and gave the company a hold rating in a research note on Saturday, October 7th. Deutsche Bank assumed coverage on Noble in a research note on Tuesday, October 10th. They issued a hold rating and a $4.00 target price on the stock. assumed coverage on Noble in a research note on Thursday, October 19th. They issued a buy rating and a $5.30 target price on the stock. Finally, Cowen set a $3.00 target price on Noble and gave the company a hold rating in a research note on Wednesday, October 18th. Eight analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $5.41.

Shares of Noble (NYSE:NE) traded up $0.10 during trading on Tuesday, reaching $5.10. The company had a trading volume of 10,186,736 shares, compared to its average volume of 10,091,146. The company has a market capitalization of $1,220.00, a price-to-earnings ratio of -0.70 and a beta of 2.34. Noble has a 1-year low of $3.14 and a 1-year high of $7.76. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.64.

Noble (NYSE:NE) last issued its quarterly earnings results on Thursday, November 2nd. The oil and gas company reported ($0.36) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.36). The business had revenue of $266.20 million for the quarter, compared to analyst estimates of $269.61 million. Noble had a negative return on equity of 3.94% and a negative net margin of 136.22%. Noble’s quarterly revenue was down 30.9% compared to the same quarter last year. During the same period last year, the company posted ($0.23) earnings per share. research analysts anticipate that Noble will post -1.18 EPS for the current fiscal year.

A number of institutional investors have recently bought and sold shares of the stock. ProShare Advisors LLC grew its position in Noble by 9.1% during the second quarter. ProShare Advisors LLC now owns 48,685 shares of the oil and gas company’s stock worth $176,000 after buying an additional 4,047 shares in the last quarter. California Public Employees Retirement System grew its position in Noble by 0.8% during the second quarter. California Public Employees Retirement System now owns 1,470,919 shares of the oil and gas company’s stock worth $5,325,000 after buying an additional 11,000 shares in the last quarter. California State Teachers Retirement System grew its position in Noble by 2.8% during the third quarter. California State Teachers Retirement System now owns 444,840 shares of the oil and gas company’s stock worth $2,046,000 after buying an additional 12,067 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its position in Noble by 26.5% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 69,700 shares of the oil and gas company’s stock worth $252,000 after buying an additional 14,590 shares in the last quarter. Finally, Rhumbline Advisers grew its position in Noble by 3.6% during the third quarter. Rhumbline Advisers now owns 489,841 shares of the oil and gas company’s stock worth $2,253,000 after buying an additional 17,231 shares in the last quarter. Institutional investors and hedge funds own 86.98% of the company’s stock.

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Noble Company Profile

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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