Noble (NYSE:NE) Shares Gap Down to $1.26

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Noble Co. PLC (NYSE:NE) shares gapped down before the market opened on Tuesday . The stock had previously closed at $1.25, but opened at $1.26. Noble shares last traded at $1.19, with a volume of 2,359,454 shares trading hands.

Several equities analysts have recently issued reports on the company. Scotiabank set a $1.00 target price on Noble and gave the company a “hold” rating in a research note on Monday, August 26th. Morgan Stanley reduced their target price on Noble from $3.00 to $2.00 and set an “underweight” rating on the stock in a research note on Monday, October 7th. HSBC set a $3.00 target price on Noble and gave the company a “buy” rating in a research note on Monday, July 15th. Citigroup cut Noble from a “neutral” rating to a “sell” rating and set a $1.00 target price on the stock. in a research note on Monday, September 23rd. Finally, Royal Bank of Canada cut Noble from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $9.00 to $3.00 in a research note on Wednesday, September 25th. Seven investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $2.32.

The company has a market capitalization of $309.01 million, a PE ratio of -0.64 and a beta of 2.52. The company has a 50 day moving average of $1.33 and a two-hundred day moving average of $1.76. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.58 and a quick ratio of 0.58.

Noble (NYSE:NE) last issued its quarterly earnings results on Wednesday, October 30th. The oil and gas company reported ($0.46) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.53) by $0.07. The company had revenue of $275.53 million for the quarter, compared to analysts’ expectations of $260.72 million. Noble had a negative return on equity of 8.76% and a negative net margin of 60.35%. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.43) earnings per share. On average, equities analysts anticipate that Noble Co. PLC will post -1.66 EPS for the current year.

In other news, Director Julie H. Edwards purchased 25,000 shares of Noble stock in a transaction that occurred on Monday, September 30th. The shares were bought at an average cost of $1.24 per share, with a total value of $31,000.00. Following the completion of the purchase, the director now directly owns 189,302 shares in the company, valued at $234,734.48. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Firefly Value Partners LP grew its stake in shares of Noble by 17.7% in the second quarter. Firefly Value Partners LP now owns 20,141,856 shares of the oil and gas company’s stock worth $37,665,000 after acquiring an additional 3,026,000 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Noble by 51.1% in the second quarter. Van ECK Associates Corp now owns 4,688,401 shares of the oil and gas company’s stock worth $8,767,000 after acquiring an additional 1,586,351 shares during the last quarter. Northern Trust Corp grew its stake in shares of Noble by 1.2% in the second quarter. Northern Trust Corp now owns 3,293,760 shares of the oil and gas company’s stock worth $6,160,000 after acquiring an additional 40,017 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Noble by 14.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 2,794,318 shares of the oil and gas company’s stock worth $5,226,000 after acquiring an additional 342,664 shares during the last quarter. Finally, Brigade Capital Management LP grew its stake in shares of Noble by 100.6% in the second quarter. Brigade Capital Management LP now owns 2,114,156 shares of the oil and gas company’s stock worth $3,954,000 after acquiring an additional 1,060,000 shares during the last quarter. 75.92% of the stock is currently owned by hedge funds and other institutional investors.

Noble Company Profile (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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