Noble (NE) Debt Trading 1.1% Higher

An issue of Noble Co. PLC (NYSE:NE) bonds rose 1.1% against their face value during trading on Monday. The debt issue has a 5.25% coupon and is set to mature on March 15, 2042. The debt is now trading at $70.38. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.

A number of research firms have weighed in on NE. Argus raised Noble from a “sell” rating to a “hold” rating in a report on Tuesday, August 14th. Susquehanna Bancshares set a $8.00 target price on Noble and gave the company a “hold” rating in a report on Wednesday, October 10th. Barclays lowered Noble from an “equal weight” rating to an “underweight” rating and lifted their target price for the company from $4.00 to $5.00 in a report on Thursday, August 9th. BTIG Research began coverage on Noble in a report on Monday, September 17th. They set a “neutral” rating for the company. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $7.00 target price on shares of Noble in a report on Monday, July 16th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company’s stock. Noble has an average rating of “Hold” and a consensus price target of $6.24.

NE stock opened at $4.80 on Tuesday. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.81. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of -4.21 and a beta of 2.24. Noble Co. PLC has a twelve month low of $3.39 and a twelve month high of $7.44.

Noble (NYSE:NE) last issued its quarterly earnings results on Thursday, August 2nd. The oil and gas company reported ($0.49) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.47) by ($0.02). The business had revenue of $258.40 million for the quarter, compared to the consensus estimate of $256.02 million. Noble had a negative net margin of 81.87% and a negative return on equity of 7.44%. The business’s revenue was down 7.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.32) EPS. Sell-side analysts expect that Noble Co. PLC will post -1.92 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of Noble by 4.8% during the 2nd quarter. BlackRock Inc. now owns 37,605,342 shares of the oil and gas company’s stock valued at $238,043,000 after acquiring an additional 1,720,572 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Noble by 16.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 16,640,068 shares of the oil and gas company’s stock valued at $105,330,000 after acquiring an additional 2,346,793 shares during the last quarter. Contrarius Investment Management Ltd boosted its position in shares of Noble by 16.3% during the 2nd quarter. Contrarius Investment Management Ltd now owns 7,628,481 shares of the oil and gas company’s stock valued at $48,288,000 after acquiring an additional 1,068,508 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Noble by 2.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 2,406,651 shares of the oil and gas company’s stock valued at $15,235,000 after acquiring an additional 60,344 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Noble by 15.0% during the 2nd quarter. Bank of America Corp DE now owns 2,080,782 shares of the oil and gas company’s stock valued at $13,171,000 after acquiring an additional 270,920 shares during the last quarter. Hedge funds and other institutional investors own 86.43% 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, 2017, the company operated a fleet of 8 drill ships, 6 semisubmersibles, and 14 jack ups. Noble Corporation plc was founded in 1921 and is headquartered in London, the United Kingdom.

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