Noble Corporation (NE) Bonds Trading 0.8% Lower

An issue of Noble Corporation (NYSE:NE) debt fell 0.8% as a percentage of its face value during trading on Monday. The high-yield debt issue has a 7.75% coupon and will mature on January 15, 2024. The bonds in the issue are now trading at $86.50 and were trading at $88.50 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.

NE has been the topic of a number of recent research reports. Piper Jaffray Companies restated a “hold” rating and issued a $2.85 price target on shares of Noble Corporation in a research report on Sunday, October 22nd. Deutsche Bank AG initiated coverage on shares of Noble Corporation in a research report on Tuesday, October 10th. They issued a “hold” rating and a $4.00 price target on the stock. Royal Bank Of Canada set a $5.00 price target on shares of Noble Corporation and gave the stock a “hold” rating in a research report on Saturday, October 7th. Cowen and Company set a $3.00 price target on shares of Noble Corporation and gave the stock a “hold” rating in a research report on Wednesday, October 18th. Finally, Zacks Investment Research downgraded shares of Noble Corporation from a “buy” rating to a “hold” rating in a research report on Monday, October 23rd. Six equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $5.56.

Noble Corporation (NYSE:NE) opened at $3.97 on Tuesday. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.64. Noble Corporation has a 52 week low of $3.14 and a 52 week high of $8.37.

Noble Corporation (NYSE:NE) last announced its quarterly earnings data on Thursday, November 2nd. The oil and gas company reported ($0.36) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.36). The company had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $269.61 million. Noble Corporation had a negative net margin of 136.22% and a negative return on equity of 3.94%. The business’s revenue was down 30.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.23) EPS. sell-side analysts forecast that Noble Corporation will post -1.17 EPS for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in NE. Cubist Systematic Strategies LLC acquired a new position in shares of Noble Corporation in the third quarter worth about $102,000. Pinebridge Investments L.P. acquired a new position in shares of Noble Corporation in the second quarter worth about $117,000. Nisa Investment Advisors LLC boosted its holdings in shares of Noble Corporation by 109.3% in the second quarter. Nisa Investment Advisors LLC now owns 31,400 shares of the oil and gas company’s stock worth $125,000 after buying an additional 16,400 shares during the period. Brave Asset Management Inc. boosted its holdings in shares of Noble Corporation by 40.0% in the second quarter. Brave Asset Management Inc. now owns 35,000 shares of the oil and gas company’s stock worth $127,000 after buying an additional 10,000 shares during the period. Finally, Wright Investors Service Inc. boosted its holdings in shares of Noble Corporation by 3.9% in the second quarter. Wright Investors Service Inc. now owns 38,115 shares of the oil and gas company’s stock worth $138,000 after buying an additional 1,440 shares during the period. 91.71% of the stock is currently owned by institutional investors.

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Noble Corporation Company Profile

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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