Bank of America initiated coverage on shares of Noble (NYSE:NE) in a research note released on Monday, BenzingaRatingsTable reports. The brokerage issued an underperform rating and a $1.25 price target on the oil and gas company’s stock.
Other research analysts also recently issued research reports about the stock. Credit Suisse Group set a $4.00 price target on shares of Noble and gave the stock a hold rating in a research report on Tuesday, February 26th. Barclays set a $3.00 price target on shares of Noble and gave the stock a sell rating in a research report on Friday, May 3rd. Goldman Sachs Group assumed coverage on shares of Noble in a research report on Sunday, March 10th. They issued a neutral rating and a $3.50 price target on the stock. Finally, Argus downgraded shares of Noble from a hold rating to a sell rating in a research report on Friday, February 22nd. Five research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $5.26.
Shares of Noble stock opened at $1.69 on Monday. The company has a market cap of $458.46 million, a P/E ratio of -0.92 and a beta of 2.65. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.77 and a current ratio of 0.77. Noble has a 1 year low of $1.62 and a 1 year high of $7.44.
Noble (NYSE:NE) last posted its earnings results on Wednesday, May 1st. The oil and gas company reported ($0.37) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.42) by $0.05. Noble had a negative net margin of 71.96% and a negative return on equity of 8.75%. The firm had revenue of $282.90 million for the quarter, compared to analyst estimates of $273.22 million. During the same period in the previous year, the firm posted ($0.55) EPS. The company’s revenue for the quarter was up 20.3% compared to the same quarter last year. Equities research analysts forecast that Noble will post -1.73 EPS for the current year.
Several institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in shares of Noble by 2.5% during the 4th quarter. BlackRock Inc. now owns 39,364,645 shares of the oil and gas company’s stock valued at $103,134,000 after acquiring an additional 970,599 shares during the period. Contrarius Investment Management Ltd lifted its position in shares of Noble by 1.7% during the 4th quarter. Contrarius Investment Management Ltd now owns 8,696,164 shares of the oil and gas company’s stock valued at $22,784,000 after acquiring an additional 147,024 shares during the period. Van ECK Associates Corp lifted its position in shares of Noble by 62.6% during the 4th quarter. Van ECK Associates Corp now owns 4,721,182 shares of the oil and gas company’s stock valued at $12,369,000 after acquiring an additional 1,817,440 shares during the period. Norges Bank acquired a new position in shares of Noble during the 4th quarter valued at $9,114,000. Finally, Penn Capital Management Co. Inc. lifted its position in shares of Noble by 54.1% during the 4th quarter. Penn Capital Management Co. Inc. now owns 2,903,867 shares of the oil and gas company’s stock valued at $8,203,000 after acquiring an additional 1,019,500 shares during the period. Institutional investors own 81.13% of the company’s stock.
Noble Company Profile
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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