Noble (NYSE:NE) Trading Down 10.4%

Noble Co. PLC (NYSE:NE) dropped 10.4% during mid-day trading on Wednesday . The company traded as low as $1.77 and last traded at $1.80. Approximately 5,258,447 shares were traded during mid-day trading, an increase of 9% from the average daily volume of 4,823,295 shares. The stock had previously closed at $2.01.

NE has been the subject of a number of analyst reports. Zacks Investment Research lowered Noble from a “buy” rating to a “hold” rating and set a $2.25 price target for the company. in a research note on Tuesday. Credit Suisse Group set a $4.00 price target on Noble and gave the stock a “hold” rating in a research note on Tuesday, February 26th. Goldman Sachs Group began coverage on Noble in a research note on Sunday, March 10th. They issued a “neutral” rating and a $3.50 price target for the company. Barclays set a $3.00 price objective on shares of Noble and gave the company a “sell” rating in a report on Friday, May 3rd. Finally, Argus downgraded shares of Noble from a “hold” rating to a “sell” rating in a report on Friday, February 22nd. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and three have issued a buy rating to the company’s stock. Noble has a consensus rating of “Hold” and a consensus target price of $5.26.

The firm has a market cap of $470.21 million, a P/E ratio of -0.98 and a beta of 2.64. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.77 and a current ratio of 0.77.

Noble (NYSE:NE) last announced its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported ($0.37) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.42) by $0.05. Noble had a negative net margin of 71.96% and a negative return on equity of 8.75%. The firm had revenue of $282.90 million during the quarter, compared to the consensus estimate of $273.22 million. During the same quarter last year, the firm earned ($0.55) EPS. The firm’s revenue for the quarter was up 20.3% compared to the same quarter last year. Equities analysts anticipate that Noble Co. PLC will post -1.71 earnings per share for the current year.

Several large investors have recently made changes to their positions in NE. Capstone Financial Advisors Inc. purchased a new position in shares of Noble during the fourth quarter worth approximately $26,000. Hellman Jordan Management Co. Inc. MA purchased a new position in shares of Noble during the first quarter worth approximately $29,000. Actinver Wealth Management Inc. purchased a new position in shares of Noble during the fourth quarter worth approximately $36,000. Creative Planning purchased a new position in shares of Noble during the fourth quarter worth approximately $27,000. Finally, Evergreen Capital Management LLC purchased a new position in shares of Noble during the first quarter worth approximately $31,000. 81.13% of the stock is 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, 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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