Noble Corp Rating Lowered to Sector Perform at RBC Capital (NE)
Noble Corp (NYSE:NE) was downgraded by RBC Capital from an “outperform” rating to a “sector perform” rating in a research note issued on Wednesday, TheFlyOnTheWall.com reports. They currently have a $40.00 target price on the stock, down from their previous target price of $41.00. RBC Capital’s price objective points to a potential upside of 10.41% from the company’s current price.
The analysts wrote, “2014 Street EPS estimates for NE have been cut 6% over the last three months as the market continues to reduce numbers based on a weakening market,” the report noted. “Our 2014 EPS estimate of $4.04 is currently 7% below consensus, and we expect the Street number to continue drifting lower due to weaker than expected dayrates and downtime between contracts.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Citigroup Inc. downgraded shares of Noble Corp from a “buy” rating to a “neutral” rating in a research note to investors on Friday, December 20th. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Noble Corp in a research note to investors on Wednesday, October 23rd. They now have a $40.00 price target on the stock. Finally, analysts at BMO Capital Markets downgraded shares of Noble Corp from an “outperform” rating to an “underperform” rating in a research note to investors on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $45.08.
Noble Corp (NYSE:NE) traded down 1.90% during mid-day trading on Wednesday, hitting $36.23. The stock had a trading volume of 3,408,513 shares. Noble Corp has a 52-week low of $34.38 and a 52-week high of $42.34. The stock’s 50-day moving average is $37.44 and its 200-day moving average is $38.32. The company has a market cap of $9.181 billion and a P/E ratio of 12.86.
Noble Corp (NYSE:NE) last announced its earnings results on Thursday, October 17th. The company reported $0.85 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.71 by $0.14. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter last year, the company posted $0.45 earnings per share. Noble Corp’s revenue was up 22.2% compared to the same quarter last year. Analysts expect that Noble Corp will post $2.91 EPS for the current fiscal year.
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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