Noble Co. PLC (NE) Expected to Announce Quarterly Sales of $289.84 Million

Equities research analysts expect Noble Co. PLC (NYSE:NE) to announce $289.84 million in sales for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for Noble’s earnings, with the lowest sales estimate coming in at $284.10 million and the highest estimate coming in at $301.38 million. Noble posted sales of $329.59 million in the same quarter last year, which suggests a negative year over year growth rate of 12.1%. The company is scheduled to issue its next quarterly earnings report on Wednesday, February 20th.

According to Zacks, analysts expect that Noble will report full-year sales of $1.06 billion for the current fiscal year, with estimates ranging from $1.04 billion to $1.07 billion. For the next financial year, analysts anticipate that the business will report sales of $1.13 billion, with estimates ranging from $1.04 billion to $1.18 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that cover Noble.

Noble (NYSE:NE) last issued its quarterly earnings results on Wednesday, October 31st. The oil and gas company reported ($0.43) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.02. Noble had a negative net margin of 79.51% and a negative return on equity of 8.26%. The company had revenue of $279.41 million during the quarter, compared to the consensus estimate of $263.19 million. During the same period in the prior year, the company earned ($0.36) EPS. Noble’s revenue was up 5.0% on a year-over-year basis.

A number of analysts have commented on the stock. Argus raised shares of Noble from a “sell” rating to a “hold” rating in a research note on Tuesday, August 14th. Susquehanna Bancshares set a $8.00 price objective on shares of Noble and gave the company a “hold” rating in a research note on Wednesday, October 10th. Barclays lowered shares of Noble from an “equal weight” rating to an “underweight” rating and increased their price target for the stock from $4.00 to $5.00 in a research report on Thursday, August 9th. Credit Suisse Group set a $6.00 price target on shares of Noble and gave the stock a “hold” rating in a research report on Friday, November 2nd. Finally, BTIG Research initiated coverage on shares of Noble in a research report on Monday, September 17th. They issued a “neutral” rating for the company. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $6.24.

A number of large investors have recently added to or reduced their stakes in NE. Wells Fargo & Company MN increased its holdings in Noble by 11.1% in the first quarter. Wells Fargo & Company MN now owns 512,603 shares of the oil and gas company’s stock worth $1,902,000 after buying an additional 51,177 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in Noble by 213.5% in the first quarter. Russell Investments Group Ltd. now owns 285,315 shares of the oil and gas company’s stock worth $1,059,000 after buying an additional 194,299 shares during the last quarter. UBS Group AG grew its holdings in Noble by 2,175.0% during the first quarter. UBS Group AG now owns 890,202 shares of the oil and gas company’s stock valued at $3,302,000 after purchasing an additional 851,073 shares during the last quarter. Millennium Management LLC grew its holdings in Noble by 20.8% during the first quarter. Millennium Management LLC now owns 542,423 shares of the oil and gas company’s stock valued at $2,012,000 after purchasing an additional 93,379 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Noble by 3.1% during the first quarter. Principal Financial Group Inc. now owns 1,916,943 shares of the oil and gas company’s stock valued at $7,111,000 after purchasing an additional 58,402 shares during the last quarter. Hedge funds and other institutional investors own 85.88% of the company’s stock.

NE stock opened at $4.69 on Friday. The company has a quick ratio of 2.07, a current ratio of 2.09 and a debt-to-equity ratio of 0.83. Noble has a one year low of $3.39 and a one year high of $7.44. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of -4.11 and a beta of 2.45.

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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Earnings History and Estimates for Noble (NYSE:NE)

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