Noble (NYSE:NE) Downgraded by HSBC

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HSBC lowered shares of Noble (NYSE:NE) from a buy rating to a reduce rating in a research note released on Friday morning, 24/7 WallStreet reports.

NE has been the subject of several other research reports. ValuEngine downgraded Noble from a buy rating to a hold rating in a research note on Monday, November 4th. Pareto Securities downgraded shares of Noble from a buy rating to a hold rating in a research note on Monday, September 9th. Morgan Stanley reduced their price target on shares of Noble from $3.00 to $2.00 and set an underweight rating on the stock in a research note on Monday, October 7th. Scotiabank set a $1.00 price target on shares of Noble and gave the company a hold rating in a report on Monday, August 26th. Finally, Fearnley Fonds cut shares of Noble from a reduce rating to a sell rating in a research report on Monday, October 21st. Eight investment analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. Noble has a consensus rating of Hold and an average price target of $2.32.

Noble stock opened at $1.10 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.58 and a current ratio of 0.58. Noble has a 52 week low of $0.99 and a 52 week high of $4.09. The stock has a market capitalization of $274.12 million, a P/E ratio of -0.60 and a beta of 2.49. The stock has a fifty day moving average of $1.22 and a 200-day moving average of $1.58.

Noble (NYSE:NE) last announced its quarterly earnings data on Wednesday, October 30th. The oil and gas company reported ($0.46) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.07. The business had revenue of $275.53 million during the quarter, compared to the consensus estimate of $260.72 million. Noble had a negative return on equity of 8.76% and a negative net margin of 60.35%. Noble’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the prior year, the company earned ($0.43) EPS. On average, research analysts forecast that Noble will post -1.37 earnings per share for the current year.

In other news, Director Julie H. Edwards bought 25,000 shares of the stock in a transaction on Monday, September 30th. The stock was acquired at an average price of $1.24 per share, with a total value of $31,000.00. Following the acquisition, the director now directly owns 189,302 shares in the company, valued at $234,734.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.30% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Parallax Volatility Advisers L.P. bought a new stake in Noble during the 2nd quarter worth approximately $38,000. Atria Investments LLC bought a new position in shares of Noble during the second quarter valued at $558,000. First Mercantile Trust Co. lifted its holdings in shares of Noble by 32.0% during the second quarter. First Mercantile Trust Co. now owns 36,362 shares of the oil and gas company’s stock worth $68,000 after purchasing an additional 8,816 shares during the period. LPL Financial LLC lifted its holdings in shares of Noble by 40.2% during the second quarter. LPL Financial LLC now owns 39,081 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 11,214 shares during the period. Finally, Voloridge Investment Management LLC bought a new stake in shares of Noble in the third quarter worth $56,000. Institutional investors and hedge funds own 82.97% of the company’s stock.

Noble Company Profile

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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