Noble (NE) Stock Price Down 5.8%

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Noble Co. PLC (NYSE:NE) dropped 5.8% during mid-day trading on Thursday . The company traded as low as $4.66 and last traded at $4.69. Approximately 6,033,543 shares changed hands during trading, an increase of 3% from the average daily volume of 5,862,262 shares. The stock had previously closed at $4.98.

NE has been the topic of a number of analyst reports. Royal Bank of Canada reissued a “hold” rating and set a $7.00 target price on shares of Noble in a report on Monday, July 16th. Zacks Investment Research raised shares of Noble from a “hold” rating to a “buy” rating and set a $6.50 target price on the stock in a report on Wednesday, August 1st. Seaport Global Securities set a $5.00 target price on shares of Noble and gave the company a “hold” rating in a report on Monday, August 6th. Barclays cut shares of Noble from an “equal weight” rating to an “underweight” rating and boosted their target price for the company from $4.00 to $5.00 in a report on Thursday, August 9th. Finally, Argus raised shares of Noble from a “sell” rating to a “hold” rating in a report on Tuesday, August 14th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $6.24.

The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of -4.07 and a beta of 2.45. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.07 and a current ratio of 2.09.

Noble (NYSE:NE) last released its quarterly earnings results on Wednesday, October 31st. The oil and gas company reported ($0.43) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.02. The firm had revenue of $279.41 million for the quarter, compared to analysts’ expectations of $263.19 million. Noble had a negative net margin of 79.51% and a negative return on equity of 8.26%. The business’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.36) earnings per share. As a group, equities analysts predict that Noble Co. PLC will post -1.85 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the company. Welch & Forbes LLC purchased a new position in Noble in the third quarter worth $115,000. First Mercantile Trust Co. grew its position in Noble by 210.1% in the third quarter. First Mercantile Trust Co. now owns 29,051 shares of the oil and gas company’s stock worth $204,000 after acquiring an additional 19,684 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Noble by 127.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,703 shares of the oil and gas company’s stock worth $216,000 after acquiring an additional 17,214 shares in the last quarter. NumerixS Investment Technologies Inc purchased a new position in Noble in the second quarter worth $229,000. Finally, Laurion Capital Management LP purchased a new position in Noble in the second quarter worth $284,000. 85.88% of the stock is currently owned by hedge funds and other institutional investors.

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About Noble (NYSE:NE)

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, 2017, the company operated a fleet of 8 drill ships, 6 semisubmersibles, and 14 jack ups. Noble Corporation plc was founded in 1921 and is headquartered in London, the United Kingdom.

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