Noble Corporation (NYSE:NE) was downgraded by equities researchers at Societe Generale from a “buy” rating to a “hold” rating in a research report issued on Monday, The Fly reports.

A number of other research firms have also recently issued reports on NE. Jefferies Group LLC set a $7.00 price objective on shares of Noble Corporation and gave the stock a “buy” rating in a research report on Wednesday, May 24th. BMO Capital Markets set a $5.00 price target on shares of Noble Corporation and gave the company a “sell” rating in a research report on Tuesday, April 18th. Deutsche Bank AG dropped their price target on shares of Noble Corporation from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Tuesday, April 18th. Barclays PLC dropped their price target on shares of Noble Corporation from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Monday, May 1st. Finally, ValuEngine cut shares of Noble Corporation from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 1st. Eight investment analysts have rated the stock with a sell rating, seventeen have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $6.23.

Noble Corporation (NE) traded down 7.73% on Monday, reaching $3.58. The company’s stock had a trading volume of 7,521,526 shares. The company’s market cap is $875.97 million. Noble Corporation has a 12 month low of $3.32 and a 12 month high of $8.37. The stock’s 50 day moving average price is $3.85 and its 200 day moving average price is $5.29.

Noble Corporation (NYSE:NE) last issued its quarterly earnings results on Thursday, August 3rd. The oil and gas company reported ($0.31) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.33) by $0.02. Noble Corporation had a negative return on equity of 3.19% and a negative net margin of 122.04%. The firm had revenue of $278.10 million during the quarter, compared to the consensus estimate of $284.99 million. During the same period last year, the business posted $0.01 EPS. The business’s revenue was down 68.9% compared to the same quarter last year. Equities research analysts forecast that Noble Corporation will post ($1.24) earnings per share for the current year.

COPYRIGHT VIOLATION WARNING: This piece was originally posted by American Banking News and is the property of of American Banking News. If you are viewing this piece on another domain, it was illegally copied and republished in violation of United States & international trademark & copyright legislation. The correct version of this piece can be accessed at https://www.americanbankingnews.com/2017/08/07/noble-corporation-nysene-cut-to-hold-at-societe-generale.html.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Manhattan Co. raised its position in Noble Corporation by 138.9% in the first quarter. First Manhattan Co. now owns 105,483 shares of the oil and gas company’s stock worth $668,000 after buying an additional 61,325 shares during the period. Speece Thorson Capital Group Inc. raised its position in Noble Corporation by 12.9% in the first quarter. Speece Thorson Capital Group Inc. now owns 1,630,845 shares of the oil and gas company’s stock worth $10,095,000 after buying an additional 186,745 shares during the period. Sippican Capital Advisors raised its position in Noble Corporation by 16.0% in the first quarter. Sippican Capital Advisors now owns 222,231 shares of the oil and gas company’s stock worth $1,376,000 after buying an additional 30,727 shares during the period. Nationwide Fund Advisors raised its position in Noble Corporation by 4.6% in the first quarter. Nationwide Fund Advisors now owns 457,445 shares of the oil and gas company’s stock worth $2,832,000 after buying an additional 20,231 shares during the period. Finally, Retirement Systems of Alabama raised its position in Noble Corporation by 0.6% in the first quarter. Retirement Systems of Alabama now owns 315,881 shares of the oil and gas company’s stock worth $1,955,000 after buying an additional 1,781 shares during the period. Institutional investors and hedge funds own 98.66% of the company’s stock.

Noble Corporation Company Profile

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.

The Fly

Analyst Recommendations for Noble Corporation (NYSE:NE)

Receive News & Ratings for Noble Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Noble Corporation and related companies with MarketBeat.com's FREE daily email newsletter.