Westpac Banking Corp boosted its stake in Noble Corp. (NYSE:NE) by 14.3% during the second quarter, Holdings Channel reports. The fund owned 120,000 shares of the company’s stock after buying an additional 15,000 shares during the period. Westpac Banking Corp’s holdings in Noble Corp. were worth $989,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NE. IFP Advisors Inc raised its position 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 during the last quarter. LS Investment Advisors LLC increased its stake in Noble Corp. by 77.4% in the second quarter. LS Investment Advisors LLC now owns 14,861 shares of the company’s stock worth $122,000 after buying an additional 6,483 shares during the period. James Investment Research Inc. acquired a new stake in Noble Corp. during the second quarter worth about $124,000. World Asset Management Inc increased its stake in Noble Corp. by 3.9% in the second quarter. World Asset Management Inc now owns 16,600 shares of the company’s stock worth $137,000 after buying an additional 618 shares during the period. Finally, Acrospire Investment Management LLC acquired a new stake in Noble Corp. during the first quarter worth about $217,000. 90.26% of the stock is currently owned by institutional investors and hedge funds.
Noble Corp. (NYSE:NE) opened at 6.34 on Friday. The company has a market capitalization of $1.54 billion, a PE ratio of 2.64 and a beta of 2.05. Noble Corp. has a one year low of $5.09 and a one year high of $14.64. The company has a 50 day moving average price of $5.89 and a 200-day moving average price of $8.37.
Noble Corp. (NYSE:NE) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.01 EPS for the quarter, missing the Zacks’ consensus estimate of $0.23 by $0.22. Noble Corp. had a return on equity of 5.22% and a net margin of 18.34%. The firm had revenue of $894.70 million for the quarter, compared to analyst estimates of $527.48 million. During the same period in the prior year, the firm posted $0.64 EPS. The business’s revenue was down 37.2% compared to the same quarter last year. Analysts expect that Noble Corp. will post ($0.06) EPS for the current fiscal year.
A number of research firms have recently issued reports on NE. Jefferies Group reiterated a “hold” rating on shares of Noble Corp. in a report on Sunday, July 10th. Vetr downgraded shares of Noble Corp. from a “strong-buy” rating to a “buy” rating and set a $6.90 price objective on the stock. in a report on Wednesday. Zacks Investment Research downgraded shares of Noble Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, July 5th. Argus downgraded shares of Noble Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, August 10th. Finally, Scotiabank restated a “sector perform” rating and set a $6.50 target price on shares of Noble Corp. in a report on Wednesday, September 14th. Seven analysts have rated the stock with a sell rating, seventeen have issued a hold rating and seven have given a buy rating to the company. Noble Corp. presently has a consensus rating of “Hold” and a consensus target price of $8.79.
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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