Noble Corporation (NE) Bonds Drop 1.9% During Trading

An issue of Noble Corporation (NYSE:NE) bonds fell 1.9% as a percentage of their face value during trading on Wednesday. The high-yield issue of debt has a 7.75% coupon and will mature on January 15, 2024. The debt is now trading at $88.34 and was trading at $89.63 last week. Price changes in a company’s bonds in credit markets often predict parallel changes in its stock price.

NE has been the topic of a number of recent analyst reports. Bank of America Corporation lowered shares of Noble Corporation from a “neutral” rating to an “underperform” rating and cut their price target for the company from $7.00 to $2.00 in a report on Friday, June 30th. Jefferies Group LLC set a $7.00 price target on shares of Noble Corporation and gave the company a “buy” rating in a report on Saturday, July 1st. Sanford C. Bernstein lowered shares of Noble Corporation from a “market perform” rating to an “underperform” rating and cut their price target for the company from $7.00 to $2.50 in a report on Thursday, July 6th. Royal Bank Of Canada restated a “sell” rating and set a $5.00 price target on shares of Noble Corporation in a report on Thursday, July 20th. Finally, ValuEngine lowered shares of Noble Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 1st. Seven research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating to the company’s stock. Noble Corporation presently has an average rating of “Hold” and a consensus target price of $5.56.

Shares of Noble Corporation (NE) traded down 3.54% on Friday, hitting $3.82. 1,477,784 shares of the stock traded hands. The firm’s market capitalization is $935.53 million. The firm’s 50 day moving average is $4.04 and its 200 day moving average is $4.09. Noble Corporation has a 52 week low of $3.14 and a 52 week high of $8.37.

Noble Corporation (NYSE:NE) last posted its quarterly earnings data on Thursday, August 3rd. The oil and gas company reported ($0.31) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.33) by $0.02. Noble Corporation had a negative net margin of 122.04% and a negative return on equity of 3.19%. The company had revenue of $278.10 million for the quarter, compared to the consensus estimate of $284.99 million. During the same period last year, the company earned $0.01 earnings per share. The firm’s revenue was down 68.9% compared to the same quarter last year. On average, analysts expect that Noble Corporation will post ($1.23) EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Crossmark Global Holdings Inc. acquired a new stake in shares of Noble Corporation in the third quarter valued at approximately $284,000. Speece Thorson Capital Group Inc. increased its holdings in Noble Corporation by 1.2% during the third quarter. Speece Thorson Capital Group Inc. now owns 1,656,899 shares of the oil and gas company’s stock worth $7,622,000 after buying an additional 19,199 shares during the last quarter. River & Mercantile Asset Management LLP increased its holdings in Noble Corporation by 13.6% during the third quarter. River & Mercantile Asset Management LLP now owns 1,286,617 shares of the oil and gas company’s stock worth $5,912,000 after buying an additional 154,000 shares during the last quarter. Sanders Morris Harris LLC acquired a new position in Noble Corporation during the third quarter worth $161,000. Finally, Piedmont Investment Advisors LLC acquired a new position in Noble Corporation during the second quarter worth $192,000. Institutional investors own 95.49% of the company’s stock.

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About Noble Corporation

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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