Analysts Expect Noble Corporation (NE) Will Post Quarterly Sales of $259.13 Million
Analysts expect Noble Corporation (NYSE:NE) to announce sales of $259.13 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Noble Corporation’s earnings. The highest sales estimate is $264.00 million and the lowest is $255.72 million. Noble Corporation posted sales of $385.15 million during the same quarter last year, which would indicate a negative year over year growth rate of 32.7%. The firm is scheduled to issue its next earnings results on Thursday, November 2nd.
On average, analysts expect that Noble Corporation will report full year sales of $259.13 million for the current financial year, with estimates ranging from $1.15 billion to $1.18 billion. For the next year, analysts expect that the company will report sales of $1.08 billion per share, with estimates ranging from $998.00 million to $1.17 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Noble Corporation.
Noble Corporation (NYSE:NE) last posted its quarterly earnings results on Thursday, August 3rd. The oil and gas company reported ($0.31) EPS 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 analyst estimates of $284.99 million. During the same period last year, the company earned $0.01 earnings per share. The business’s revenue for the quarter was down 68.9% on a year-over-year basis.
A number of equities research analysts have issued reports on NE shares. Nomura upgraded Noble Corporation from a “reduce” rating to a “neutral” rating and set a $5.00 price target for the company in a research note on Thursday, May 18th. Credit Suisse Group reiterated a “buy” rating and issued a $10.00 price target on shares of Noble Corporation in a research note on Friday, April 21st. Jefferies Group LLC reiterated a “buy” rating and issued a $5.50 price target (down previously from $7.00) on shares of Noble Corporation in a research note on Tuesday, July 18th. Instinet upgraded Noble Corporation from a “reduce” rating to a “neutral” rating and increased their price target for the stock from $4.35 to $5.00 in a research note on Thursday, May 18th. Finally, Citigroup Inc. lowered Noble Corporation from a “buy” rating to a “neutral” rating and cut their price target for the stock from $11.00 to $4.70 in a research note on Friday, June 16th. Seven investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $6.10.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Chicago Equity Partners LLC increased its position in shares of Noble Corporation 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. Founders Capital Management raised its stake in Noble Corporation by 95.9% in the second quarter. Founders Capital Management now owns 30,270 shares of the oil and gas company’s stock worth $110,000 after buying an additional 14,820 shares during the period. Pinebridge Investments L.P. purchased a new stake in Noble Corporation during the second quarter worth $117,000. Teacher Retirement System of Texas raised its stake in Noble Corporation 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 period. Finally, Nisa Investment Advisors LLC raised its stake in Noble Corporation by 109.3% in the second quarter. Nisa Investment Advisors LLC now owns 31,400 shares of the oil and gas company’s stock worth $125,000 after buying an additional 16,400 shares during the period. 96.83% of the stock is owned by hedge funds and other institutional investors.
Shares of Noble Corporation (NYSE NE) opened at 3.43 on Wednesday. The company’s market cap is $840.02 million. Noble Corporation has a 1-year low of $3.22 and a 1-year high of $8.37. The company’s 50-day moving average price is $3.79 and its 200 day moving average price is $5.04.
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.
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