Noble Corporation (NE) Lowered to Hold at Zacks Investment Research

Noble Corporation (NYSE:NE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, October 23rd.

According to Zacks, “Noble Corporation’s robust portfolio of assets, long-term commitments and strong backlog offer some relief in the currently weak pricing scenario.  What's more, Noble continues to benefit from its ability to land contract extensions even in a weak market. Moreover, the company’s continuous endeavors to upgrade its fleet will prove beneficial in the existing tough market conditions. However, the driller’s three-month pricing chart reveals Noble underperformed the drilling industry. The company’s high level of debt is another concern.”

NE has been the subject of several other research reports. Cowen and Company reiterated a “hold” rating and issued a $3.00 price target on shares of Noble Corporation in a research report on Tuesday, September 5th. Goldman Sachs Group, Inc. (The) upgraded shares of Noble Corporation to a “sell” rating in a research report on Wednesday, August 9th. Royal Bank of Canada raised shares of Noble Corporation from an “underperform” rating to a “sector perform” rating and set a $5.00 price objective on the stock in a research note on Friday, August 25th. Deutsche Bank AG initiated coverage on shares of Noble Corporation in a research note on Tuesday, October 10th. They issued a “hold” rating and a $4.00 price objective on the stock. Finally, Sanford C. Bernstein cut shares of Noble Corporation from a “market perform” rating to an “underperform” rating and dropped their price objective for the company from $7.00 to $2.50 in a research note on Thursday, July 6th. Six research analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $5.56.

Shares of Noble Corporation (NE) remained flat at $$4.63 during trading on Monday. The company had a trading volume of 8,633,000 shares, compared to its average volume of 10,424,144. Noble Corporation has a 52-week low of $3.14 and a 52-week high of $8.37. The company has a quick ratio of 1.45, a current ratio of 1.58 and a debt-to-equity ratio of 0.64.

Noble Corporation (NYSE:NE) last issued its quarterly earnings data on Thursday, November 2nd. The oil and gas company reported ($0.36) earnings per share for the quarter, hitting the consensus estimate of ($0.36). The business had revenue of $266.20 million during the quarter, compared to the consensus estimate of $269.61 million. Noble Corporation had a negative net margin of 136.22% and a negative return on equity of 3.94%. The company’s revenue was down 30.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.23) EPS. equities research analysts forecast that Noble Corporation will post -1.17 EPS for the current fiscal year.

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A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Advantus Capital Management Inc lifted its stake in Noble Corporation by 3.6% during the first quarter. Advantus Capital Management Inc now owns 31,328 shares of the oil and gas company’s stock worth $194,000 after purchasing an additional 1,098 shares during the last quarter. Amalgamated Bank lifted its stake in Noble Corporation by 3.1% in the first quarter. Amalgamated Bank now owns 38,373 shares of the oil and gas company’s stock valued at $238,000 after buying an additional 1,140 shares during the last quarter. Wright Investors Service Inc. lifted its stake in 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 during the last quarter. Texas Permanent School Fund lifted its stake in Noble Corporation by 0.8% in the second quarter. Texas Permanent School Fund now owns 178,646 shares of the oil and gas company’s stock valued at $647,000 after buying an additional 1,498 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its stake in Noble Corporation by 1.8% in the second quarter. Oregon Public Employees Retirement Fund now owns 86,884 shares of the oil and gas company’s stock valued at $315,000 after buying an additional 1,500 shares during the last quarter. Hedge funds and other institutional investors own 94.43% of the company’s stock.

Noble Corporation 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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