Noble (NYSE:NE) Upgraded by ValuEngine to Buy

ValuEngine upgraded shares of Noble (NYSE:NE) from a hold rating to a buy rating in a research note issued to investors on Saturday, ValuEngine reports.

Several other research analysts have also issued reports on the stock. Royal Bank of Canada lowered shares of Noble from an outperform rating to a sector perform rating and lowered their price target for the stock from $9.00 to $3.00 in a report on Wednesday, September 25th. Bank of America started coverage on shares of Noble in a report on Monday, June 10th. They set an underperform rating and a $1.25 price target for the company. Scotiabank set a $1.00 price target on shares of Noble and gave the stock a hold rating in a report on Monday, August 26th. Pareto Securities lowered shares of Noble from a buy rating to a hold rating in a report on Monday, September 9th. Finally, Citigroup lowered shares of Noble from a neutral rating to a sell rating and set a $1.00 price target for the company. in a report on Monday, September 23rd. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the stock. The stock has an average rating of Hold and an average target price of $3.82.

NYSE:NE remained flat at $$1.18 during mid-day trading on Friday. 2,399,469 shares of the company traded hands, compared to its average volume of 6,206,958. The stock’s fifty day moving average is $1.54 and its 200 day moving average is $2.07. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.63 and a quick ratio of 0.63. Noble has a twelve month low of $0.99 and a twelve month high of $7.44. The company has a market cap of $294.00 million, a price-to-earnings ratio of -0.64 and a beta of 2.51.

Noble (NYSE:NE) last posted its earnings results on Thursday, August 1st. The oil and gas company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.11. Noble had a negative net margin of 28.97% and a negative return on equity of 8.14%. The business had revenue of $292.90 million for the quarter, compared to the consensus estimate of $271.59 million. During the same period last year, the company earned ($0.49) EPS. The firm’s revenue was up 13.4% compared to the same quarter last year. On average, analysts forecast that Noble will post -1.65 earnings per share for the current year.

In other news, Director Julie H. Edwards acquired 25,000 shares of the business’s stock in a transaction on Monday, September 30th. The shares were purchased at an average cost of $1.24 per share, with a total value of $31,000.00. Following the acquisition, the director now directly owns 189,302 shares of the company’s stock, valued at $234,734.48. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.30% of the stock is owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Hellman Jordan Management Co. Inc. MA purchased a new position in shares of Noble in the 1st quarter worth about $29,000. Parallax Volatility Advisers L.P. purchased a new position in shares of Noble in the 2nd quarter worth about $38,000. Fiera Capital Corp purchased a new position in shares of Noble in the 1st quarter worth about $39,000. First Mercantile Trust Co. boosted its holdings in shares of Noble by 32.0% in the 2nd quarter. First Mercantile Trust Co. now owns 36,362 shares of the oil and gas company’s stock worth $68,000 after buying an additional 8,816 shares during the last quarter. Finally, LPL Financial LLC boosted its holdings in shares of Noble by 40.2% in the 2nd quarter. LPL Financial LLC now owns 39,081 shares of the oil and gas company’s stock worth $73,000 after buying an additional 11,214 shares during the last quarter. 77.19% of the stock is currently owned by hedge funds and other institutional investors.

Noble Company Profile

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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Analyst Recommendations for Noble (NYSE:NE)

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