Noble (NYSE:NE) Stock Price Up 7.3%

Noble Co. PLC (NYSE:NE) shares rose 7.3% on Wednesday . The stock traded as high as $1.86 and last traded at $1.76. Approximately 5,524,530 shares changed hands during trading, an increase of 12% from the average daily volume of 4,948,822 shares. The stock had previously closed at $1.64.

NE has been the subject of several research analyst reports. Barclays set a $3.00 price target on shares of Noble and gave the stock a “sell” rating in a research report on Friday, May 3rd. Goldman Sachs Group initiated coverage on shares of Noble in a research report on Sunday, March 10th. They set a “neutral” rating and a $3.50 price target for the company. Credit Suisse Group set a $4.00 price target on shares of Noble and gave the stock a “hold” rating in a research report on Tuesday, February 26th. Bank of America initiated coverage on shares of Noble in a research report on Monday, June 10th. They set an “underperform” rating and a $1.25 price target for the company. Finally, SEB Equities downgraded shares of Noble from a “buy” rating to a “sell” rating and reduced their price target for the stock from $2.80 to $1.50 in a research report on Tuesday, June 18th. Six research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the company’s stock. Noble presently has an average rating of “Hold” and an average target price of $4.96.

The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $408.61 million, a PE ratio of -0.96 and a beta of 2.65. The company has a 50-day moving average of $2.00.

Noble (NYSE:NE) last posted its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported ($0.37) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.42) by $0.05. The firm had revenue of $282.90 million during the quarter, compared to analysts’ expectations of $273.22 million. Noble had a negative net margin of 71.96% and a negative return on equity of 8.75%. The firm’s quarterly revenue was up 20.3% on a year-over-year basis. During the same quarter last year, the company posted ($0.55) EPS. As a group, equities analysts forecast that Noble Co. PLC will post -1.73 earnings per share for the current fiscal year.

Several large investors have recently bought and sold shares of NE. Hellman Jordan Management Co. Inc. MA purchased a new stake in shares of Noble in the first quarter valued at about $29,000. Evergreen Capital Management LLC acquired a new stake in shares of Noble in the first quarter valued at about $31,000. NumerixS Investment Technologies Inc lifted its stake in shares of Noble by 161.0% in the first quarter. NumerixS Investment Technologies Inc now owns 70,200 shares of the oil and gas company’s stock valued at $200,000 after purchasing an additional 43,300 shares during the period. Fiera Capital Corp acquired a new stake in shares of Noble in the first quarter valued at about $39,000. Finally, Piedmont Investment Advisors Inc. lifted its stake in shares of Noble by 7.0% in the first quarter. Piedmont Investment Advisors Inc. now owns 62,850 shares of the oil and gas company’s stock valued at $180,000 after purchasing an additional 4,123 shares during the period. 80.91% of the stock is owned by hedge funds and other institutional investors.

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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