Noble (NE) Earns Underweight Rating from Piper Jaffray Companies

Noble (NYSE:NE)‘s stock had its “underweight” rating reaffirmed by research analysts at Piper Jaffray Companies in a research note issued to investors on Thursday.

Several other research analysts have also recently issued reports on NE. UBS Group raised Noble from a “neutral” rating to a “buy” rating and upped their price target for the company from $4.00 to $6.00 in a report on Monday, September 25th. Royal Bank of Canada set a $5.00 target price on shares of Noble and gave the company a “hold” rating in a research note on Saturday, October 7th. Deutsche Bank initiated coverage on shares of Noble in a research note on Tuesday, October 10th. They set a “hold” rating and a $4.00 target price on the stock. Zacks Investment Research raised shares of Noble from a “hold” rating to a “buy” rating and set a $4.50 target price on the stock in a research note on Wednesday, October 18th. Finally, initiated coverage on shares of Noble in a research note on Thursday, October 19th. They set a “buy” rating and a $5.30 target price on the stock. Seven investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $5.33.

Noble (NYSE:NE) traded up $0.17 during midday trading on Thursday, hitting $5.32. The company’s stock had a trading volume of 9,598,899 shares, compared to its average volume of 9,010,343. The company has a market capitalization of $1,300.00, a PE ratio of -0.73 and a beta of 2.34. Noble has a 52 week low of $3.14 and a 52 week high of $7.80. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.58 and a quick ratio of 1.58.

Noble (NYSE:NE) last posted 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). The company had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $269.61 million. Noble had a negative return on equity of 3.94% and a negative net margin of 136.22%. The firm’s revenue was down 30.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.23) earnings per share. sell-side analysts predict that Noble will post -1.18 earnings per share for the current year.

Several institutional investors have recently bought and sold shares of NE. Schwab Charles Investment Management Inc. grew its holdings in shares of Noble by 53.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,674,562 shares of the oil and gas company’s stock valued at $6,062,000 after acquiring an additional 583,407 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Noble by 12.4% during the 2nd quarter. Rhumbline Advisers now owns 472,610 shares of the oil and gas company’s stock valued at $1,711,000 after acquiring an additional 51,956 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Noble by 2.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,645,549 shares of the oil and gas company’s stock valued at $20,437,000 after acquiring an additional 145,172 shares in the last quarter. Comerica Bank grew its holdings in shares of Noble by 24.1% during the 2nd quarter. Comerica Bank now owns 263,655 shares of the oil and gas company’s stock valued at $1,047,000 after acquiring an additional 51,264 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Noble by 89.5% during the 2nd quarter. Principal Financial Group Inc. now owns 1,891,150 shares of the oil and gas company’s stock valued at $6,846,000 after acquiring an additional 893,143 shares in the last quarter. Institutional investors and hedge funds own 86.80% 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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