An issue of Noble Co. (NYSE:NE) bonds rose 0.8% against their face value during trading on Monday. The high-yield issue of debt has a 5.25% coupon and is set to mature on March 15, 2042. The bonds in the issue are now trading at $68.75 and were trading at $65.50 one week ago. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its stock price.
A number of equities analysts have commented on NE shares. Cowen set a $5.00 price objective on Noble and gave the stock a “hold” rating in a research note on Thursday. Piper Jaffray Companies restated an “underweight” rating on shares of Noble in a research note on Thursday. Susquehanna Bancshares set a $5.00 price objective on Noble and gave the stock a “hold” rating in a research note on Friday. UBS Group upgraded Noble from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $4.00 to $6.00 in a research note on Monday, September 25th. Finally, ValuEngine lowered Noble from a “sell” rating to a “strong sell” rating in a research note on Sunday, December 31st. Seven research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $5.41.
Shares of Noble Co. (NE) traded up $0.15 on Monday, hitting $5.77. The stock had a trading volume of 10,660,700 shares, compared to its average volume of 7,990,000. Noble Co. has a one year low of $3.14 and a one year high of $7.76. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.58 and a current ratio of 1.58. The company has a market cap of $1,410.00, a price-to-earnings ratio of -0.79 and a beta of 2.34.
Noble (NYSE:NE) last issued its quarterly earnings results on Thursday, November 2nd. The oil and gas company reported ($0.36) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.36). Noble had a negative return on equity of 3.94% and a negative net margin of 136.22%. The company had revenue of $266.20 million for the quarter, compared to analyst estimates of $269.61 million. During the same quarter last year, the company posted ($0.23) EPS. The company’s revenue for the quarter was down 30.9% compared to the same quarter last year. equities analysts expect that Noble Co. will post -1.18 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently modified their holdings of the company. Cubist Systematic Strategies LLC bought a new stake in Noble during the 3rd quarter worth $102,000. Pinebridge Investments L.P. bought a new stake in Noble during the 2nd quarter worth $117,000. Sanders Morris Harris LLC bought a new stake in Noble during the 3rd quarter worth $161,000. BlueCrest Capital Management Ltd grew its position in Noble by 179.0% during the 2nd quarter. BlueCrest Capital Management Ltd now owns 42,652 shares of the oil and gas company’s stock worth $154,000 after acquiring an additional 27,365 shares during the last quarter. Finally, OxFORD Asset Management LLP bought a new stake in Noble during the 3rd quarter worth $219,000. Institutional investors own 86.98% of the company’s stock.
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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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