Noble (NE) Trading Up 5.7%

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Noble Co. PLC (NYSE:NE) was up 5.7% on Monday . The company traded as high as $3.01 and last traded at $2.97. Approximately 7,454,718 shares traded hands during mid-day trading, an increase of 71% from the average daily volume of 4,367,667 shares. The stock had previously closed at $2.81.

A number of equities research analysts recently weighed in on NE shares. Credit Suisse Group set a $4.00 price target on Noble and gave the company a “hold” rating in a research note on Tuesday, February 26th. Zacks Investment Research restated a “buy” rating and issued a $3.25 price target on shares of Noble in a research note on Monday, December 31st. Pareto Securities upgraded Noble from a “hold” rating to a “buy” rating in a research note on Monday, January 28th. Capital One Financial cut Noble from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 16th. Finally, ValuEngine upgraded Noble from a “hold” rating to a “buy” rating in a research note on Wednesday, January 2nd. Four investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $5.58.

The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.83. The firm has a market cap of $713.77 million, a P/E ratio of -1.61 and a beta of 2.67.

Noble (NYSE:NE) last issued its quarterly earnings data on Wednesday, February 20th. The oil and gas company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.05. Noble had a negative return on equity of 9.16% and a negative net margin of 81.74%. The firm had revenue of $309.90 million for the quarter, compared to analyst estimates of $289.04 million. During the same period in the prior year, the firm posted ($0.29) EPS. The company’s revenue for the quarter was down 6.0% on a year-over-year basis. As a group, equities research analysts predict that Noble Co. PLC will post -1.7 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. LPL Financial LLC grew its holdings in Noble by 16.9% in the 4th quarter. LPL Financial LLC now owns 25,178 shares of the oil and gas company’s stock valued at $66,000 after buying an additional 3,649 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in Noble by 2.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 176,275 shares of the oil and gas company’s stock valued at $462,000 after buying an additional 3,877 shares in the last quarter. Texas Permanent School Fund grew its holdings in Noble by 4.0% in the 4th quarter. Texas Permanent School Fund now owns 161,499 shares of the oil and gas company’s stock valued at $423,000 after buying an additional 6,222 shares in the last quarter. United Services Automobile Association grew its holdings in shares of Noble by 12.4% during the 4th quarter. United Services Automobile Association now owns 59,136 shares of the oil and gas company’s stock worth $155,000 after purchasing an additional 6,540 shares in the last quarter. Finally, Brinker Capital Inc. grew its holdings in shares of Noble by 51.9% during the 4th quarter. Brinker Capital Inc. now owns 19,274 shares of the oil and gas company’s stock worth $50,000 after purchasing an additional 6,586 shares in the last quarter. 87.88% of the stock is currently owned by hedge funds and other institutional investors.

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About Noble (NYSE:NE)

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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