Noble (NYSE:NE) Rating Lowered to Sell at ValuEngine

Noble (NYSE:NE) was downgraded by research analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday, ValuEngine reports.

Several other equities analysts have also recently weighed in on NE. Zacks Investment Research cut Noble from a “buy” rating to a “hold” rating and set a $2.25 price objective on the stock. in a report on Tuesday. Bank of America assumed coverage on Noble in a report on Monday. They set an “underperform” rating and a $1.25 price objective on the stock. Barclays set a $3.00 price objective on Noble and gave the company a “sell” rating in a report on Wednesday, February 20th. Credit Suisse Group set a $4.00 target price on Noble and gave the company a “hold” rating in a research note on Tuesday, February 26th. Finally, Goldman Sachs Group started coverage on Noble in a research note on Sunday, March 10th. They issued a “neutral” rating and a $3.50 target price on the stock. Five analysts have rated the stock with a sell rating, fourteen have issued a hold rating and three have given a buy rating to the company’s stock. Noble currently has an average rating of “Hold” and a consensus target price of $5.26.

NE traded down $0.11 during midday trading on Thursday, reaching $1.69. 8,578,927 shares of the company were exchanged, compared to its average volume of 4,856,750. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.77. Noble has a one year low of $1.62 and a one year high of $7.44. The stock has a market cap of $458.46 million, a P/E ratio of -0.92 and a beta of 2.65.

Noble (NYSE:NE) last released its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported ($0.37) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.05. Noble had a negative return on equity of 8.75% and a negative net margin of 71.96%. The business had revenue of $282.90 million for the quarter, compared to analysts’ expectations of $273.22 million. During the same quarter in the previous year, the business posted ($0.55) EPS. Noble’s revenue for the quarter was up 20.3% on a year-over-year basis. As a group, equities analysts forecast that Noble will post -1.73 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GSA Capital Partners LLP acquired a new position in shares of Noble during the 4th quarter worth approximately $44,000. BlackRock Inc. increased its position in shares of Noble by 2.5% during the 4th quarter. BlackRock Inc. now owns 39,364,645 shares of the oil and gas company’s stock worth $103,134,000 after purchasing an additional 970,599 shares during the last quarter. CWM Advisors LLC increased its position in shares of Noble by 78.1% during the 4th quarter. CWM Advisors LLC now owns 32,018 shares of the oil and gas company’s stock worth $84,000 after purchasing an additional 14,036 shares during the last quarter. LPL Financial LLC increased its holdings in shares of Noble by 16.9% during the 4th quarter. LPL Financial LLC now owns 25,178 shares of the oil and gas company’s stock worth $66,000 after acquiring an additional 3,649 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in shares of Noble by 59.5% during the 4th quarter. Canada Pension Plan Investment Board now owns 1,550,871 shares of the oil and gas company’s stock worth $4,063,000 after acquiring an additional 578,500 shares during the last quarter. Hedge funds and other institutional investors own 81.13% 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, 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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