Noble (NE) Stock Rating Lowered by ValuEngine

Noble (NYSE:NE) was downgraded by investment analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a report issued on Monday.

NE has been the topic of several other reports. Simmons upgraded Noble from an “underweight” rating to a “neutral” rating and upped their target price for the company from $3.25 to $6.00 in a report on Monday, October 1st. Credit Suisse Group set a $6.00 target price on Noble and gave the company a “hold” rating in a report on Monday, September 24th. Piper Jaffray Companies upgraded Noble from an “underweight” rating to a “hold” rating and set a $6.00 target price on the stock in a report on Monday, October 1st. Susquehanna Bancshares set a $8.00 target price on Noble and gave the company a “hold” rating in a report on Wednesday, October 10th. Finally, Nordea Equity Research upgraded Noble from a “sell” rating to a “hold” rating in a report on Friday, September 28th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the stock. Noble currently has a consensus rating of “Hold” and a consensus price target of $6.24.

NYSE:NE opened at $4.91 on Monday. The stock has a market cap of $1.23 billion, a PE ratio of -4.31 and a beta of 2.24. The company has a current ratio of 2.07, a quick ratio of 2.07 and a debt-to-equity ratio of 0.81. Noble has a 1-year low of $3.39 and a 1-year high of $7.44.

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

A number of hedge funds have recently made changes to their positions in NE. Rhumbline Advisers lifted its stake in Noble by 2.0% in the second quarter. Rhumbline Advisers now owns 593,284 shares of the oil and gas company’s stock valued at $3,755,000 after buying an additional 11,379 shares during the period. Aperio Group LLC lifted its stake in Noble by 9.6% in the third quarter. Aperio Group LLC now owns 156,697 shares of the oil and gas company’s stock valued at $1,102,000 after buying an additional 13,757 shares during the period. Welch & Forbes LLC acquired a new position in Noble in the third quarter valued at approximately $115,000. NumerixS Investment Technologies Inc acquired a new position in Noble in the second quarter valued at approximately $229,000. Finally, Laurion Capital Management LP acquired a new position in Noble in the second quarter valued at approximately $284,000. Institutional investors and hedge funds own 86.43% of the company’s stock.

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, 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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Analyst Recommendations for Noble (NYSE:NE)

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