An issue of Noble Co. (NYSE:NE) debt rose 2% as a percentage of its face value during trading on Tuesday. The debt issue has a 6.05% coupon and will mature on March 1, 2041. The debt is now trading at $70.25 and was trading at $68.81 last week. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.
Several research firms recently commented on NE. Zacks Investment Research cut Noble from a “buy” rating to a “hold” rating in a report on Monday, October 23rd. Piper Jaffray Companies cut Noble from a “neutral” rating to an “underweight” rating in a report on Thursday. ValuEngine cut Noble from a “sell” rating to a “strong sell” rating in a report on Friday, December 1st. began coverage on Noble in a report on Thursday, October 19th. They issued a “buy” rating and a $5.30 price target for the company. Finally, UBS Group raised Noble from a “neutral” rating to a “buy” rating and increased their price target for the company from $4.00 to $6.00 in a report on Monday, September 25th. Seven analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $5.33.
Noble Co. (NE) opened at $5.32 on Thursday. Noble Co. has a 52-week low of $3.14 and a 52-week high of $7.80. The company has a market capitalization of $1,300.00, a price-to-earnings ratio of -0.73 and a beta of 2.34. 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 (NYSE:NE) last released its quarterly earnings results on Thursday, November 2nd. The oil and gas company reported ($0.36) EPS for the quarter, hitting the consensus estimate of ($0.36). Noble had a negative return on equity of 3.94% and a negative net margin of 136.22%. The business had revenue of $266.20 million during the quarter, compared to analyst estimates of $269.61 million. During the same period last year, the business posted ($0.23) earnings per share. The company’s quarterly revenue was down 30.9% on a year-over-year basis. equities research analysts predict that Noble Co. will post -1.18 EPS for the current year.
A number of large investors have recently added to or reduced their stakes in NE. Cubist Systematic Strategies LLC purchased a new position in Noble in the third quarter valued at $102,000. Pinebridge Investments L.P. purchased a new position in Noble in the second quarter valued at $117,000. BlueCrest Capital Management Ltd boosted its holdings in Noble by 179.0% in the second quarter. BlueCrest Capital Management Ltd now owns 42,652 shares of the oil and gas company’s stock valued at $154,000 after purchasing an additional 27,365 shares during the period. Sanders Morris Harris LLC purchased a new position in Noble in the third quarter valued at $161,000. Finally, ProShare Advisors LLC boosted its holdings in Noble by 9.1% in the second quarter. ProShare Advisors LLC now owns 48,685 shares of the oil and gas company’s stock valued at $176,000 after purchasing an additional 4,047 shares during the period. Hedge funds and other institutional investors own 86.80% of the company’s stock.
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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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