Global Endowment Management LP Acquires New Stake in Noble Co. PLC (NE)
Global Endowment Management LP acquired a new stake in shares of Noble Co. PLC (NYSE:NE) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 87,500 shares of the oil and gas company’s stock, valued at approximately $615,000.
Other hedge funds have also recently bought and sold shares of the company. Hellman Jordan Management Co. Inc. MA purchased a new stake in shares of Noble during the second quarter valued at $694,000. Bank of America Corp DE boosted its stake in shares of Noble by 15.0% during the second quarter. Bank of America Corp DE now owns 2,080,782 shares of the oil and gas company’s stock valued at $13,171,000 after purchasing an additional 270,920 shares during the period. Fisher Asset Management LLC purchased a new stake in shares of Noble during the third quarter valued at $4,850,000. TVR Capital Management LP purchased a new stake in shares of Noble during the second quarter valued at $2,486,000. Finally, Millennium Management LLC boosted its stake in shares of Noble by 263.9% during the second quarter. Millennium Management LLC now owns 1,973,946 shares of the oil and gas company’s stock valued at $12,495,000 after purchasing an additional 1,431,523 shares during the period. Institutional investors and hedge funds own 86.62% of the company’s stock.
A number of analysts have recently issued reports on NE shares. Royal Bank of Canada raised shares of Noble from a “sector perform” rating to an “outperform” rating in a research note on Thursday, September 20th. Societe Generale raised shares of Noble from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Friday, October 12th. Zacks Investment Research raised shares of Noble from a “hold” rating to a “buy” rating and set a $6.50 target price for the company in a research note on Wednesday, August 1st. Simmons raised shares of Noble from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $3.25 to $6.00 in a research note on Monday, October 1st. Finally, Nordea Equity Research raised shares of Noble from a “sell” rating to a “hold” rating in a research note on Friday, September 28th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $6.24.
Noble (NYSE:NE) last released its quarterly earnings data on Wednesday, October 31st. The oil and gas company reported ($0.43) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.45) by $0.02. Noble had a negative net margin of 79.51% and a negative return on equity of 8.26%. The company had revenue of $279.41 million during the quarter, compared to analyst estimates of $263.19 million. During the same period in the prior year, the firm earned ($0.36) earnings per share. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, equities research analysts predict that Noble Co. PLC will post -1.84 EPS for the current fiscal year.
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Noble Corporation plc operates as an offshore drilling contractor for the oil and gas industry worldwide. It provides contract drilling services using mobile offshore drilling units. As of December 31, 2017, the company operated a fleet of 8 drill ships, 6 semisubmersibles, and 14 jack ups. Noble Corporation plc was founded in 1921 and is headquartered in London, the United Kingdom.
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