Noble (NYSE:NE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “In this depressed pricing market, Noble Corporation faces uncertainty over its new contract flows and the dayrates. Oversupply of rigs is another major concern at a time when all contractors are cutting on their expenses. Additionally, the currently challenged offshore drilling space limits any potential upside. The recent early termination of rig contracts as well as cold stacking of rigs is likely to impact the company’s contract drilling revenues and costs going forward. The company’s high level of debt is a concern. Noble is also facing pressure on top line as its total revenues declined at a CAGR of 15.6% over the past three years (2014–2016).”
Several other analysts have also issued reports on NE. Cowen set a $5.00 price objective on shares of Noble and gave the company a “hold” rating in a report on Thursday, January 11th. Piper Jaffray Companies restated an “underweight” rating on shares of Noble in a report on Thursday, January 11th. Susquehanna Bancshares set a $5.00 price objective on shares of Noble and gave the company a “hold” rating in a report on Friday. UBS Group upgraded shares of Noble from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $4.00 to $6.00 in a report on Monday, September 25th. Finally, ValuEngine lowered shares of Noble from a “sell” rating to a “strong sell” rating in a report on Sunday, December 31st. Eight equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $5.41.
Noble (NYSE:NE) last issued its quarterly earnings data on Thursday, November 2nd. The oil and gas company reported ($0.36) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.36). The firm had revenue of $266.20 million for the quarter, compared to analyst estimates of $269.61 million. Noble had a negative net margin of 136.22% and a negative return on equity of 3.94%. Noble’s 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. research analysts anticipate that Noble will post -1.18 earnings per share for the current year.
A number of large investors have recently modified their holdings of the business. Sterling Capital Management LLC increased its stake in 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 worth $10,594,000 after purchasing an additional 20,981 shares during the period. California Public Employees Retirement System grew 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 worth $10,974,000 after buying an additional 914,823 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of Noble during the third quarter worth about $102,000. Highbridge Capital Management LLC acquired a new position in shares of Noble during the third quarter worth about $345,000. Finally, Allianz Asset Management GmbH acquired a new position in shares of Noble during the third quarter worth about $4,001,000. Institutional investors own 86.98% of the company’s stock.
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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