Argus Lowers Noble Corp plc Price Target to $37.00 (NE)
Equities researchers at Argus cut their target price on shares of Noble Corp plc (NYSE:NE) from $45.00 to $37.00 in a research report issued on Friday. The firm currently has a “buy” rating on the stock. Argus’ target price indicates a potential upside of 40.85% from the company’s current price.
Shares of Noble Corp plc (NYSE:NE) opened at 25.895 on Friday. Noble Corp plc has a one year low of $25.0612 and a one year high of $35.5857. The stock’s 50-day moving average is $28.40 and its 200-day moving average is $27.5. The company has a market cap of $6.583 billion and a P/E ratio of 7.19.
Noble Corp plc (NYSE:NE) last announced its earnings results on Wednesday, July 30th. The company reported $0.91 earnings per share for the quarter, beating the analysts’ 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 $3.14 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, August 22nd. Stockholders 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 5.71%. The ex-dividend date of this dividend is Friday, August 8th.
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Noble Corp plc in a research note on Monday. They now have a $33.00 price target on the stock. Separately, 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. Finally, 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, August 1st. They now have a “hold” rating on the stock. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and nine have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $36.63.
In other Noble Corp plc news, CFO James A. Maclennan purchased 6,000 shares of Noble Corp plc stock in a transaction that occurred on Wednesday, August 6th. The stock was purchased at an average cost of $26.92 per share, for a total transaction of $161,520.00. The transaction was disclosed in a document filed with the SEC, which is available at this link.
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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