Noble (NYSE:NE) Stock Rating Lowered by Zacks Research

Noble (NYSE:NE) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday, Zacks reports.

Other equities research analysts also recently issued research reports about the stock. Noble Financial began coverage on shares of Noble in a research report on Thursday, October 29th. They issued an “outperform” rating for the company. Wall Street Zen cut Noble from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Susquehanna increased their target price on Noble from $44.00 to $46.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 28th. Barclays reduced their price target on Noble from $55.00 to $53.00 and set an “overweight” rating for the company in a report on Thursday, July 30th. Finally, Citigroup lifted their price target on Noble from $50.00 to $52.00 and gave the company a “neutral” rating in a research note on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $46.57.

Noble Stock Up 0.1%

NE stock opened at $41.17 on Monday. Noble has a one year low of $27.67 and a one year high of $54.98. The stock has a market capitalization of $6.57 billion, a PE ratio of 124.76 and a beta of 1.05. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.76 and a current ratio of 1.76. The company has a fifty day moving average of $44.01 and a 200-day moving average of $44.72.

Noble (NYSE:NE) last issued its earnings results on Monday, October 26th. The company reported ($0.57) earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.80). Noble had a net margin of 1.79% and a negative return on equity of 0.76%. The firm had revenue of $728.76 million during the quarter, compared to analysts’ expectations of $713.82 million. During the same period in the previous year, the firm earned ($0.13) EPS. The firm’s revenue was down 8.6% on a year-over-year basis. As a group, analysts expect that Noble will post 0.11 EPS for the current year.

Hedge Funds Weigh In On Noble

Several hedge funds have recently added to or reduced their stakes in the business. Private Advisor Group LLC purchased a new stake in shares of Noble in the third quarter valued at about $530,000. Valueworks LLC purchased a new position in shares of Noble during the 3rd quarter worth approximately $3,156,000. Hi Line Capital Management LLC increased its stake in shares of Noble by 0.6% during the 3rd quarter. Hi Line Capital Management LLC now owns 233,321 shares of the company’s stock worth $9,739,000 after purchasing an additional 1,409 shares in the last quarter. Voya Investment Management LLC purchased a new position in shares of Noble during the 3rd quarter worth approximately $1,028,000. Finally, First Eagle Investment Management LLC raised its position in shares of Noble by 4.1% during the 3rd quarter. First Eagle Investment Management LLC now owns 14,523,873 shares of the company’s stock worth $606,226,000 after purchasing an additional 566,711 shares during the last quarter. 68.14% of the stock is currently owned by hedge funds and other institutional investors.

About Noble

Noble Corporation plc, operating as Noble (NYSE: NE), provides contract drilling services to the offshore oil and gas industry. The company owns and operates a fleet of mobile offshore drilling units, including drillships, semisubmersible rigs and jackup rigs, and provides related services to energy companies exploring for and producing oil and natural gas. Noble serves customers in offshore markets around the world. Its operations support drilling in a range of water depths and environments, from shallow-water projects to deepwater and ultra-deepwater developments.