Noble Co. PLC (NYSE:NE) Expected to Post Quarterly Sales of $261.78 Million

Wall Street brokerages predict that Noble Co. PLC (NYSE:NE) will post sales of $261.78 million for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Noble’s earnings. The highest sales estimate is $273.73 million and the lowest is $253.40 million. Noble reported sales of $279.41 million in the same quarter last year, which would indicate a negative year over year growth rate of 6.3%. The firm is expected to report its next earnings report after the market closes on Wednesday, October 30th.

According to Zacks, analysts expect that Noble will report full year sales of $1.12 billion for the current financial year, with estimates ranging from $1.09 billion to $1.14 billion. For the next year, analysts anticipate that the firm will report sales of $1.22 billion, with estimates ranging from $1.15 billion to $1.28 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for Noble.

Noble (NYSE:NE) last posted its quarterly earnings results on Thursday, August 1st. The oil and gas company reported ($0.34) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.45) by $0.11. The business 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%. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.49) earnings per share.

NE has been the subject of a number of research reports. Pareto Securities downgraded Noble from a “buy” rating to a “hold” rating in a research note on Monday, September 9th. Fearnley Fonds downgraded Noble from a “reduce” rating to a “sell” rating in a research note on Monday. Citigroup downgraded Noble from a “neutral” rating to a “sell” rating and set a $1.00 target price for the company. in a research note on Monday, September 23rd. ValuEngine upgraded Noble from a “hold” rating to a “buy” rating in a research note on Saturday, October 5th. Finally, Scotiabank set a $1.00 target price on Noble and gave the company a “hold” rating in a research note on Monday, August 26th. Seven investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $2.63.

NYSE:NE traded up $0.03 during mid-day trading on Friday, reaching $1.43. The stock had a trading volume of 4,089,838 shares, compared to its average volume of 5,150,032. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.63 and a quick ratio of 0.63. The stock’s 50 day simple moving average is $1.52 and its two-hundred day simple moving average is $1.91. Noble has a 1-year low of $0.99 and a 1-year high of $5.77. The company has a market capitalization of $342.96 million, a price-to-earnings ratio of -0.78 and a beta of 2.51.

In other Noble news, Director Julie H. Edwards purchased 25,000 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were bought at an average price of $1.24 per share, with a total value of $31,000.00. Following the completion of the acquisition, the director now owns 189,302 shares in the company, valued at approximately $234,734.48. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.30% of the company’s stock.

A number of large investors have recently made changes to their positions in NE. Parallax Volatility Advisers L.P. bought a new position in shares of Noble in the second quarter valued at $38,000. Atria Investments LLC bought a new position in shares of Noble in the second quarter valued at $558,000. First Mercantile Trust Co. increased its holdings in shares of Noble by 32.0% in the second 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 in the last quarter. LPL Financial LLC increased its holdings in shares of Noble by 40.2% in the second 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 in the last quarter. Finally, World Asset Management Inc increased its holdings in shares of Noble by 18.0% in the second quarter. World Asset Management Inc now owns 45,695 shares of the oil and gas company’s stock valued at $85,000 after buying an additional 6,978 shares in the last quarter. 77.25% of the stock is currently owned by hedge funds and other institutional investors.

About Noble

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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