Analysts forecast that Noble Co. PLC (NYSE:NE) will report sales of $262.56 million for the current quarter, according to Zacks. Six analysts have provided estimates for Noble’s earnings, with estimates ranging from $257.00 million to $276.40 million. Noble posted sales of $279.41 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 6%. The business is scheduled to issue its next earnings results on Wednesday, October 30th.
According to Zacks, analysts expect that Noble will report full-year sales of $1.11 billion for the current fiscal year, with estimates ranging from $1.07 billion to $1.13 billion. For the next financial year, analysts expect that the business will report sales of $1.26 billion, with estimates ranging from $1.16 billion to $1.34 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Noble.
Noble (NYSE:NE) last announced its quarterly earnings results on Thursday, August 1st. The oil and gas company reported ($0.34) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.11. The business had revenue of $292.90 million during the quarter, compared to analysts’ expectations of $271.59 million. Noble had a negative return on equity of 8.14% and a negative net margin of 28.97%. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.49) earnings per share.
NE has been the topic of several analyst reports. Zacks Investment Research downgraded Noble from a “buy” rating to a “hold” rating and set a $2.25 target price on the stock. in a report on Tuesday, June 11th. SEB Equities downgraded Noble from a “buy” rating to a “sell” rating and dropped their target price for the company from $2.80 to $1.50 in a report on Tuesday, June 18th. Bank of America initiated coverage on Noble in a report on Monday, June 10th. They set an “underperform” rating and a $1.25 target price on the stock. HSBC set a $3.00 target price on Noble and gave the company a “buy” rating in a report on Monday, July 15th. Finally, ValuEngine upgraded Noble from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $4.65.
A number of hedge funds have recently made changes to their positions in the business. Firefly Value Partners LP boosted its position in Noble by 17.7% during the 2nd quarter. Firefly Value Partners LP now owns 20,141,856 shares of the oil and gas company’s stock worth $37,665,000 after acquiring an additional 3,026,000 shares during the period. Van ECK Associates Corp boosted its position in Noble by 51.1% during the 2nd quarter. Van ECK Associates Corp now owns 4,688,401 shares of the oil and gas company’s stock worth $8,767,000 after acquiring an additional 1,586,351 shares during the period. Norges Bank acquired a new position in Noble during the 4th quarter worth $9,114,000. Northern Trust Corp boosted its position in Noble by 1.2% during the 2nd quarter. Northern Trust Corp now owns 3,293,760 shares of the oil and gas company’s stock worth $6,160,000 after acquiring an additional 40,017 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Noble by 14.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,794,318 shares of the oil and gas company’s stock worth $5,226,000 after acquiring an additional 342,664 shares during the period. Institutional investors own 79.05% of the company’s stock.
Shares of NYSE NE traded up $0.20 during midday trading on Friday, hitting $1.22. The stock had a trading volume of 5,434,500 shares, compared to its average volume of 6,306,366. The company has a market capitalization of $301.48 million, a price-to-earnings ratio of -0.66 and a beta of 2.51. Noble has a 1-year low of $0.99 and a 1-year high of $7.44. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.80. The company has a fifty day moving average price of $1.80 and a 200 day moving average price of $2.42.
Noble Company Profile
Noble Corporation plc operates as an offshore drilling contractor for the oil and gas industry worldwide. It provides contract drilling services using mobile offshore drilling units. As of December 31, 2018, the company operated a fleet of 24 drilling rigs consisted of 8 drill ships, 4 semisubmersibles, and 12 jack ups.
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