Noble Corporation (NE) Upgraded by Royal Bank Of Canada to Sector Perform
Noble Corporation (NYSE:NE) was upgraded by research analysts at Royal Bank Of Canada from an “underperform” rating to a “sector perform” rating in a research note issued on Friday. The firm currently has a $5.00 target price on the oil and gas company’s stock. Royal Bank Of Canada’s price target would indicate a potential upside of 54.80% from the company’s previous close.
Other equities research analysts have also issued reports about the company. Jefferies Group LLC set a $7.00 target price on Noble Corporation and gave the stock a “buy” rating in a research report on Wednesday, May 24th. Instinet raised Noble Corporation from a “reduce” rating to a “neutral” rating and increased their target price for the stock from $4.35 to $5.00 in a research report on Thursday, May 18th. Nomura raised Noble Corporation from a “reduce” rating to a “neutral” rating and set a $5.00 target price on the stock in a research report on Thursday, May 18th. Seaport Global Securities reaffirmed a “neutral” rating on shares of Noble Corporation in a research report on Monday, August 7th. Finally, Goldman Sachs Group, Inc. (The) raised Noble Corporation to a “sell” rating in a research report on Wednesday, August 9th. Seven equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Noble Corporation has an average rating of “Hold” and a consensus price target of $6.09.
Shares of Noble Corporation (NYSE:NE) opened at 3.23 on Friday. Noble Corporation has a 52-week low of $3.14 and a 52-week high of $8.37. The firm’s 50-day moving average is $3.69 and its 200 day moving average is $4.88. The stock’s market cap is $791.04 million.
Noble Corporation (NYSE:NE) last issued its earnings results on Thursday, August 3rd. The oil and gas company reported ($0.31) earnings per share for the quarter, topping the Thomson Reuters’ 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 for 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 firm’s revenue for the quarter was down 68.9% on a year-over-year basis. Analysts forecast that Noble Corporation will post ($1.25) earnings per share for the current fiscal year.
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Several large investors have recently bought and sold shares of NE. Piedmont Investment Advisors LLC purchased a new stake in Noble Corporation during the second quarter worth $192,000. BlueCrest Capital Management Ltd increased its stake in Noble Corporation by 179.0% in the second quarter. BlueCrest Capital Management Ltd now owns 42,652 shares of the oil and gas company’s stock worth $154,000 after buying an additional 27,365 shares during the period. State Street Corp increased its stake in Noble Corporation by 31.7% in the second quarter. State Street Corp now owns 22,444,196 shares of the oil and gas company’s stock worth $81,248,000 after buying an additional 5,405,697 shares during the period. Gotham Asset Management LLC purchased a new stake in Noble Corporation during the second quarter worth $2,517,000. Finally, QCM Cayman Ltd. purchased a new stake in Noble Corporation during the second quarter worth $356,000. 96.83% of the stock is owned by institutional investors.
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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