Noble Corp plc Hits New 52-Week Low Following Analyst Downgrade (NE)
Noble Corp plc (NYSE:NE) reached a new 52-week low during trading on Monday after Deutsche Bank downgraded the stock from a buy rating to a hold rating, Stock Ratings Network reports. Deutsche Bank now has a $28.00 price target on the stock, down from their previous price target of $50.00. Noble Corp plc traded as low as $26.42 and last traded at $26.44, with a volume of 2,957,409 shares trading hands. The stock had previously closed at $31.08.
Several other analysts have also recently commented on the stock. Analysts at Jefferies Group cut their price target on shares of Noble Corp plc from $31.00 to $29.00 in a research note on Friday. They now have a “hold” rating on the stock. Separately, analysts at Credit Suisse reiterated an “outperform” rating on shares of Noble Corp plc in a research note on Wednesday, July 16th. They now have a $37.00 price target on the stock, up previously from $36.00. Finally, analysts at BMO Capital Markets upgraded shares of Noble Corp plc from an “underperform” rating to a “market perform” rating in a research note on Tuesday, July 15th. They now have a $34.00 price target on the stock, up previously from $27.00. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and nine have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $37.13.
The stock has a 50-day moving average of $32.81 and a 200-day moving average of $31.69. The company has a market cap of $6.728 billion and a price-to-earnings ratio of 7.39.
Noble Corp plc (NYSE:NE) last released its earnings data on Wednesday, July 30th. The company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.25. The company had revenue of $1.20 million for the quarter, compared to the consensus estimate of $1.19 million. Analysts expect that Noble Corp plc will post $3.42 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, August 22nd. Shareholders of record on Tuesday, August 12th will be given a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a yield of 4.83%. The ex-dividend date of this dividend is Friday, August 8th.
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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.