Analysts expect Noble Corporation (NYSE:NE) to post sales of $271.71 million for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Noble’s earnings, with the lowest sales estimate coming in at $257.00 million and the highest estimate coming in at $280.87 million. Noble posted sales of $410.16 million during the same quarter last year, which suggests a negative year over year growth rate of 33.8%. The business is expected to report its next earnings report on Thursday, February 8th.
According to Zacks, analysts expect that Noble will report full year sales of $271.71 million for the current year, with estimates ranging from $1.14 billion to $1.20 billion. For the next fiscal year, analysts forecast that the business will report sales of $1.08 billion per share, with estimates ranging from $1.03 billion to $1.16 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Noble.
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, hitting the Zacks’ consensus estimate of ($0.36). The business had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $269.61 million. Noble had a negative return on equity of 3.94% and a negative net margin of 136.22%. The business’s quarterly revenue was down 30.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.23) EPS.
A number of brokerages have commented on NE. Royal Bank of Canada set a $5.00 price target on Noble and gave the stock a “hold” rating in a research note on Sunday, November 12th. ValuEngine cut Noble from a “sell” rating to a “strong sell” rating in a research note on Friday, December 1st. UBS upgraded Noble from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $4.00 to $6.00 in a research report on Monday, September 25th. Zacks Investment Research upgraded Noble from a “hold” rating to a “buy” rating and set a $4.50 price objective on the stock in a research report on Wednesday, October 18th. Finally, Deutsche Bank assumed coverage on Noble in a research report on Tuesday, October 10th. They issued a “hold” rating and a $4.00 price objective on the stock. Six research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the company’s stock. Noble has a consensus rating of “Hold” and a consensus price target of $5.56.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC boosted its position in shares of Noble by 0.9% during the third quarter. Sterling Capital Management LLC now owns 2,302,948 shares of the oil and gas company’s stock valued at $10,594,000 after purchasing an additional 20,981 shares in the last quarter. California Public Employees Retirement System boosted its position in shares of Noble by 62.2% during the third quarter. California Public Employees Retirement System now owns 2,385,742 shares of the oil and gas company’s stock valued at $10,974,000 after purchasing an additional 914,823 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Noble during the third quarter valued at approximately $102,000. Highbridge Capital Management LLC bought a new stake in shares of Noble during the third quarter valued at approximately $345,000. Finally, Allianz Asset Management GmbH bought a new stake in shares of Noble during the third quarter valued at approximately $4,001,000. Institutional investors own 87.10% of the company’s stock.
Shares of Noble (NYSE NE) traded down $0.16 during trading on Friday, reaching $4.09. The company’s stock had a trading volume of 4,481,262 shares, compared to its average volume of 10,106,431. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.58 and a current ratio of 1.58. Noble has a 1-year low of $3.14 and a 1-year high of $7.80.
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Noble Company Profile
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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