Noble Corp plc Stock Rating Reaffirmed by Zacks (NE)
Noble Corp plc (NYSE:NE)‘s stock had its “neutral” rating restated by Zacks in a research report issued on Monday. They currently have a $33.00 price target on the stock. Zacks‘s price objective would suggest a potential upside of 6.18% from the company’s current price.
Zacks’ analyst wrote, “We are maintaining our Neutral recommendation on global offshore driller Noble Corp. following its second quarter 2014 results. The company posted higher-than-expected earnings, and also showed a sequential increase fueled by solid demand for its wide range of rigs and vessels. The highlights of the quarter included improvement in business fundamentals (as utilization and tendering activity improved for both jackups and deepwater units) and the return of several rigs to active status. Furthermore, the anticipation of better bidding activity might help the company find a better growth route. However, we think these factors are adequately reflected in the present valuation, leaving little room for meaningful upside from the current level.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Deutsche Bank downgraded shares of Noble Corp plc from a “buy” rating to a “hold” rating in a research note on Monday. They now have a $28.00 price target on the stock, down previously from $50.00. Separately, 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. Finally, 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. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $37.13.
Shares of Noble Corp plc (NYSE:NE) traded down 2.63% during mid-day trading on Monday, hitting $26.4365. 2,894,495 shares of the company’s stock traded hands. Noble Corp plc has a 52 week low of $28.67 and a 52 week high of $40.71. The stock’s 50-day moving average is $32.81 and its 200-day moving average is $31.69. The company has a market cap of $6.721 billion and a price-to-earnings ratio of 7.39.
Noble Corp plc (NYSE:NE) last posted its quarterly earnings results 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 announced a quarterly dividend, which is scheduled for Friday, August 22nd. Investors of record on Tuesday, August 12th will be paid a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 4.83%. The ex-dividend date 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.
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