Noble (NE) Bonds Trading 1% Lower

An issue of Noble Co. (NYSE:NE) bonds fell 1% against their face value during trading on Monday. The high-yield debt issue has a 6.05% coupon and is set to mature on March 1, 2041. The bonds in the issue are now trading at $68.25 and were trading at $68.27 one week ago. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its share price.

A number of brokerages have recently weighed in on NE. began coverage on Noble in a research note on Thursday, October 19th. They issued a “buy” rating and a $5.30 target price on the stock. Jefferies Group set a $6.00 target price on Noble and gave the stock a “buy” rating in a research note on Thursday, January 4th. Zacks Investment Research upgraded Noble from a “hold” rating to a “buy” rating and set a $4.50 target price on the stock in a research note on Wednesday, October 18th. UBS Group upgraded Noble from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $4.00 to $6.00 in a research note on Monday, September 25th. Finally, Cowen set a $3.00 target price on Noble and gave the stock a “hold” rating in a research note on Wednesday, October 18th. Six research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $5.33.

Noble Co. (NE) opened at $5.32 on Tuesday. Noble Co. has a 12 month low of $3.14 and a 12 month high of $7.80. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $1,240.00, a P/E ratio of -0.73 and a beta of 2.34.

Noble (NYSE:NE) last posted its quarterly earnings data on Thursday, November 2nd. The oil and gas company reported ($0.36) EPS for the quarter, meeting the consensus estimate of ($0.36). Noble had a negative return on equity of 3.94% and a negative net margin of 136.22%. The business had revenue of $266.20 million for the quarter, compared to the consensus estimate of $269.61 million. During the same quarter in the prior year, the business earned ($0.23) earnings per share. Noble’s revenue for the quarter was down 30.9% on a year-over-year basis. equities analysts expect that Noble Co. will post -1.18 EPS for the current year.

Institutional investors have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC purchased a new position in Noble in the third quarter valued at approximately $102,000. Pinebridge Investments L.P. purchased a new position in Noble in the second quarter valued at approximately $117,000. BlueCrest Capital Management Ltd lifted its stake in Noble by 179.0% in the second quarter. BlueCrest Capital Management Ltd now owns 42,652 shares of the oil and gas company’s stock valued at $154,000 after purchasing an additional 27,365 shares during the last quarter. Sanders Morris Harris LLC purchased a new position in Noble in the third quarter valued at approximately $161,000. Finally, ProShare Advisors LLC lifted its stake in Noble by 9.1% in the second quarter. ProShare Advisors LLC now owns 48,685 shares of the oil and gas company’s stock valued at $176,000 after purchasing an additional 4,047 shares during the last quarter. Institutional investors and hedge funds own 86.80% of the company’s stock.

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Noble Company Profile

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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