Noble Corporation (NE) Bonds Trading 1% Higher

An issue of Noble Corporation (NYSE:NE) bonds rose 1% as a percentage of their face value during trading on Monday. The high-yield debt issue has a 5.25% coupon and will mature on March 15, 2042. The debt is now trading at $53.97. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its share price.

A number of research firms have issued reports on NE. Credit Suisse Group AG reiterated a “buy” rating and set a $10.00 target price on shares of Noble Corporation in a report on Friday, April 21st. Jefferies Group LLC reiterated a “buy” rating and set a $9.50 target price on shares of Noble Corporation in a report on Friday, April 7th. Citigroup Inc. downgraded shares of Noble Corporation from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $11.00 to $4.70 in a research note on Friday, June 16th. BMO Capital Markets set a $5.00 price objective on shares of Noble Corporation and gave the stock a “sell” rating in a research note on Tuesday, April 18th. Finally, Deutsche Bank AG reduced their price objective on shares of Noble Corporation from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Tuesday, April 18th. Seven equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Noble Corporation currently has a consensus rating of “Hold” and a consensus target price of $6.23.

Noble Corporation (NYSE:NE) traded down 2.91% during trading on Friday, reaching $4.00. 9,151,368 shares of the company traded hands. The firm’s market capitalization is $978.74 million. The firm’s 50 day moving average price is $3.84 and its 200 day moving average price is $5.48. Noble Corporation has a 12-month low of $3.32 and a 12-month high of $8.37.

Noble Corporation (NYSE:NE) last released its earnings results on Thursday, May 4th. The oil and gas company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.02. Noble Corporation had a negative net margin of 65.11% and a negative return on equity of 1.69%. The firm had revenue of $363 million for the quarter, compared to the consensus estimate of $368.25 million. During the same quarter in the previous year, the firm earned $0.31 earnings per share. The company’s quarterly revenue was down 40.7% compared to the same quarter last year. Equities research analysts expect that Noble Corporation will post ($1.21) earnings per share for the current year.

A number of large investors have recently made changes to their positions in NE. Wright Investors Service Inc. boosted its stake in shares of Noble Corporation by 3.9% in the second quarter. Wright Investors Service Inc. now owns 38,115 shares of the oil and gas company’s stock valued at $138,000 after buying an additional 1,440 shares in the last quarter. Founders Capital Management boosted its position in Noble Corporation by 95.9% in the second quarter. Founders Capital Management now owns 30,270 shares of the oil and gas company’s stock worth $110,000 after buying an additional 14,820 shares during the period. Aperio Group LLC boosted its position in Noble Corporation by 136.6% in the second quarter. Aperio Group LLC now owns 265,060 shares of the oil and gas company’s stock worth $960,000 after buying an additional 153,041 shares during the period. Sippican Capital Advisors boosted its position in Noble Corporation by 12.4% in the second quarter. Sippican Capital Advisors now owns 249,770 shares of the oil and gas company’s stock worth $904,000 after buying an additional 27,539 shares during the period. Finally, Louisiana State Employees Retirement System boosted its position in Noble Corporation by 61.2% in the second quarter. Louisiana State Employees Retirement System now owns 99,600 shares of the oil and gas company’s stock worth $361,000 after buying an additional 37,800 shares during the period. Institutional investors own 98.61% of the company’s stock.

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About Noble Corporation

Noble Corporation is an offshore drilling contractor for the oil and gas industry. The Company performs contract drilling services with its fleet of 79 mobile offshore drilling units and one floating production storage and offloading unit (NYSE:NE) located globally.

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