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. Other company-specific risks include new product growth challenges, potential backlog losses and high dependency on its top customers.”
A number of other brokerages also recently commented on NE. Vetr upgraded Noble Corp. from a hold rating to a buy rating and set a $9.76 price objective for the company in a research report on Monday, June 13th. Evercore ISI reissued a buy rating on shares of Noble Corp. in a research note on Saturday, July 2nd. Jefferies Group reissued a hold rating on shares of Noble Corp. in a research note on Sunday, July 10th. Argus downgraded shares of Noble Corp. from a hold rating to a sell rating in a research note on Wednesday, August 10th. Finally, Nomura set a $6.00 target price on shares of Noble Corp. and gave the company a sell rating in a research note on Tuesday, August 16th. Eight investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $8.65.
Noble Corp. (NYSE:NE) opened at 6.13 on Monday. The firm has a market cap of $1.49 billion, a PE ratio of 2.55 and a beta of 2.09. The firm’s 50 day moving average price is $5.84 and its 200-day moving average price is $8.23. Noble Corp. has a 52 week low of $5.09 and a 52 week high of $14.64.
Noble Corp. (NYSE:NE) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by $0.22. Noble Corp. had a net margin of 18.34% and a return on equity of 5.22%. The company had revenue of $894.70 million for the quarter, compared to analyst estimates of $527.48 million. During the same quarter last year, the company posted $0.64 EPS. Noble Corp.’s revenue was down 37.2% on a year-over-year basis. On average, analysts forecast that Noble Corp. will post ($0.06) EPS for the current year.
Hedge funds have recently bought and sold shares of the company. IBM Retirement Fund raised its stake in shares of Noble Corp. by 0.3% in the second quarter. IBM Retirement Fund now owns 24,435 shares of the company’s stock worth $201,000 after buying an additional 82 shares in the last quarter. Shoker Investment Counsel Inc. raised its stake in shares of Noble Corp. by 0.5% in the second quarter. Shoker Investment Counsel Inc. now owns 32,751 shares of the company’s stock worth $269,000 after buying an additional 148 shares in the last quarter. IFP Advisors Inc raised its stake 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 in the last quarter. World Asset Management Inc raised its stake in shares of 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 in the last quarter. Finally, Utah Retirement Systems raised its stake in shares of Noble Corp. by 1.6% in the second quarter. Utah Retirement Systems now owns 44,102 shares of the company’s stock worth $363,000 after buying an additional 700 shares in the last quarter. 90.26% of the stock is owned by institutional investors.
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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