California State Teachers Retirement System trimmed its stake in Noble Corporation (NYSE:NE) by 12.6% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 432,773 shares of the oil and gas company’s stock after selling 62,489 shares during the period. California State Teachers Retirement System owned 0.18% of Noble worth $1,567,000 at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of Noble by 37.6% in the 2nd quarter. BlackRock Inc. now owns 32,390,455 shares of the oil and gas company’s stock valued at $117,253,000 after acquiring an additional 8,843,373 shares in the last quarter. Vanguard Group Inc. grew its holdings in Noble by 16.7% in the 2nd quarter. Vanguard Group Inc. now owns 23,523,527 shares of the oil and gas company’s stock valued at $85,155,000 after buying an additional 3,371,015 shares during the last quarter. State Street Corp grew its holdings in Noble by 31.7% in the 2nd quarter. State Street Corp now owns 22,444,196 shares of the oil and gas company’s stock valued at $81,248,000 after buying an additional 5,405,697 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Noble by 2.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,645,549 shares of the oil and gas company’s stock valued at $20,437,000 after buying an additional 145,172 shares during the last quarter. Finally, Bridgewater Associates LP grew its holdings in Noble by 11.0% in the 2nd quarter. Bridgewater Associates LP now owns 4,043,232 shares of the oil and gas company’s stock valued at $14,636,000 after buying an additional 401,362 shares during the last quarter. 87.10% of the stock is currently owned by institutional investors and hedge funds.
Shares of Noble Corporation (NE) traded up $0.04 during mid-day trading on Monday, reaching $4.50. The company had a trading volume of 6,918,532 shares, compared to its average volume of 10,263,142. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.64. Noble Corporation has a twelve month low of $3.14 and a twelve month high of $8.37.
Noble (NYSE:NE) last announced its quarterly earnings results on Thursday, November 2nd. The oil and gas company reported ($0.36) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.36). The business had revenue of $266.20 million for the quarter, compared to analyst estimates of $269.61 million. Noble had a negative return on equity of 3.94% and a negative net margin of 136.22%. Noble’s quarterly revenue was down 30.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.23) EPS. research analysts expect that Noble Corporation will post -1.17 earnings per share for the current fiscal year.
A number of analysts have issued reports on the company. Seaport Global Securities reaffirmed a “neutral” rating on shares of Noble in a report on Monday, August 7th. Goldman Sachs Group raised Noble to a “sell” rating in a report on Wednesday, August 9th. Piper Jaffray Companies set a $4.00 target price on Noble and gave the company a “hold” rating in a report on Monday, August 7th. Argus reaffirmed a “sell” rating and issued a $6.00 target price on shares of Noble in a report on Friday, August 18th. Finally, UBS raised Noble from a “neutral” rating to a “buy” rating and raised their target price for the company from $4.00 to $6.00 in a report on Monday, September 25th. Six analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company’s stock. Noble presently has a consensus rating of “Hold” and an average price target of $5.56.
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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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