Jefferies Group LLC Reiterates $7.00 Price Target for Noble Co. (NE)
Noble Co. (NYSE:NE) has been given a $7.00 target price by equities research analysts at Jefferies Group LLC in a report released on Wednesday. The firm currently has a “buy” rating on the oil and gas company’s stock. Jefferies Group LLC’s price objective suggests a potential upside of 66.27% from the stock’s current price.
Other research analysts have also recently issued research reports about the stock. Seaport Global Securities upgraded shares of Noble from a “neutral” rating to a “buy” rating in a report on Tuesday, March 7th. Credit Suisse Group AG set a $10.00 price objective on shares of Noble and gave the company a “buy” rating in a report on Saturday, February 11th. BMO Capital Markets set a $5.00 price target on shares of Noble and gave the stock a “sell” rating in a report on Tuesday, April 18th. Deutsche Bank AG lowered their price target on shares of Noble from $7.00 to $6.00 and set a “hold” rating for the company in a report on Tuesday, April 18th. Finally, Scotiabank reiterated a “hold” rating and set a $8.00 price target on shares of Noble in a report on Wednesday, March 22nd. Five analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Noble currently has a consensus rating of “Hold” and a consensus target price of $7.16.
Shares of Noble (NYSE:NE) traded down 7.88% during mid-day trading on Wednesday, hitting $4.21. 15,458,605 shares of the stock traded hands. The firm has a 50 day moving average of $5.04 and a 200 day moving average of $6.09. The company’s market cap is $1.03 billion. Noble has a 12 month low of $4.16 and a 12 month high of $9.73.
Noble (NYSE:NE) last announced its quarterly earnings results on Thursday, May 4th. The oil and gas company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.02. The company had revenue of $363 million for the quarter, compared to analyst estimates of $368.25 million. During the same quarter in the prior year, the business earned $0.31 earnings per share. Noble’s revenue was down 40.7% on a year-over-year basis. Equities analysts anticipate that Noble will post ($1.25) EPS for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in the stock. CAMG Solamere Management LLC purchased a new position in Noble during the fourth quarter worth about $102,000. Chicago Equity Partners LLC boosted its stake in Noble by 50.7% in the first quarter. Chicago Equity Partners LLC now owns 16,650 shares of the oil and gas company’s stock worth $103,000 after buying an additional 5,600 shares during the last quarter. Seven Eight Capital LP acquired a new stake in Noble during the fourth quarter worth about $106,000. Teacher Retirement System of Texas boosted its stake in Noble by 16.8% in the first quarter. Teacher Retirement System of Texas now owns 19,601 shares of the oil and gas company’s stock worth $121,000 after buying an additional 2,816 shares during the last quarter. Finally, Tiedemann Wealth Management LLC boosted its stake in Noble by 41.6% in the first quarter. Tiedemann Wealth Management LLC now owns 20,730 shares of the oil and gas company’s stock worth $128,000 after buying an additional 6,086 shares during the last quarter. 91.66% of the stock is currently owned by hedge funds and other institutional investors.
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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