Noble (NYSE:NE) Shares Down 13.8%

Noble Co. PLC (NYSE:NE)’s share price traded down 13.8% during mid-day trading on Tuesday . The stock traded as low as $1.63 and last traded at $1.63, 4,911,140 shares traded hands during trading. A decline of 8% from the average session volume of 5,309,947 shares. The stock had previously closed at $1.89.

Several research analysts recently issued reports on the company. SEB Equities downgraded Noble from a “buy” rating to a “sell” rating and cut their price objective for the stock from $2.80 to $1.50 in a research report on Tuesday, June 18th. Scotiabank set a $1.00 price objective on Noble and gave the stock a “hold” rating in a research report on Monday, August 26th. HSBC set a $3.00 price objective on Noble and gave the stock a “buy” rating in a research report on Monday, July 15th. Pareto Securities downgraded Noble from a “buy” rating to a “hold” rating in a research report on Monday, September 9th. Finally, Bank of America assumed coverage on Noble in a research report on Monday, June 10th. They set an “underperform” rating and a $1.25 price objective for the company. Five analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have assigned a buy rating to the company’s stock. Noble presently has an average rating of “Hold” and an average target price of $4.04.

The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.63 and a current ratio of 0.63. The stock has a market capitalization of $453.45 million, a price-to-earnings ratio of -0.89 and a beta of 2.59. The company has a 50-day moving average of $1.59 and a 200-day moving average of $2.14.



Noble (NYSE:NE) last issued its quarterly earnings results on Thursday, August 1st. The oil and gas company reported ($0.34) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.45) by $0.11. The company had revenue of $292.90 million during the quarter, compared to the consensus estimate of $271.59 million. Noble had a negative return on equity of 8.14% and a negative net margin of 28.97%. Noble’s revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.49) EPS. As a group, analysts expect that Noble Co. PLC will post -1.65 earnings per share for the current year.

Institutional investors and hedge funds have recently modified their holdings of the business. Hellman Jordan Management Co. Inc. MA acquired a new position in Noble in the 1st quarter valued at $29,000. Evergreen Capital Management LLC purchased a new stake in shares of Noble during the 1st quarter valued at $31,000. Fiera Capital Corp purchased a new stake in shares of Noble during the 1st quarter valued at $39,000. First Mercantile Trust Co. grew its stake in shares of Noble by 32.0% during the 2nd quarter. First Mercantile Trust Co. now owns 36,362 shares of the oil and gas company’s stock valued at $68,000 after buying an additional 8,816 shares during the period. Finally, LPL Financial LLC grew its stake in shares of Noble by 40.2% during the 2nd quarter. LPL Financial LLC now owns 39,081 shares of the oil and gas company’s stock valued at $73,000 after buying an additional 11,214 shares during the period. Institutional investors own 77.19% of the company’s stock.

About Noble (NYSE:NE)

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, 2018, the company operated a fleet of 24 drilling rigs consisted of 8 drill ships, 4 semisubmersibles, and 12 jack ups.

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