Noble Corporation (NE) Expected to Post Quarterly Sales of $267.02 Million
Brokerages forecast that Noble Corporation (NYSE:NE) will announce $267.02 million in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Noble Corporation’s earnings, with estimates ranging from $255.72 million to $282.81 million. Noble Corporation posted sales of $385.15 million in the same quarter last year, which would indicate a negative year over year growth rate of 30.7%. The business is scheduled to announce its next quarterly earnings results after the market closes on Thursday, November 2nd.
On average, analysts expect that Noble Corporation will report full-year sales of $267.02 million for the current fiscal year, with estimates ranging from $1.14 billion to $1.20 billion. For the next financial year, analysts forecast that the firm will post 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 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 during the quarter, compared to analyst estimates of $284.99 million. During the same period in the previous year, the company earned $0.01 EPS. The company’s revenue for the quarter was down 68.9% on a year-over-year basis.
A number of research firms have recently issued reports on NE. Cowen and Company reaffirmed a “hold” rating and issued a $3.00 price objective on shares of Noble Corporation in a research report on Tuesday, September 5th. Seaport Global Securities cut Noble Corporation from a “buy” rating to a “neutral” rating and cut their price objective for the company from $5.00 to $3.50 in a research report on Wednesday, June 21st. Goldman Sachs Group, Inc. (The) raised Noble Corporation to a “sell” rating in a research report on Wednesday, August 9th. Royal Bank Of Canada raised Noble Corporation from an “underperform” rating to a “sector perform” rating and set a $5.00 price objective for the company in a research report on Friday, August 25th. Finally, Deutsche Bank AG began coverage on Noble Corporation in a research report on Tuesday. They issued a “hold” rating and a $4.00 price objective for the company. Seven research analysts have rated the stock with a sell rating, seventeen have given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $5.67.
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Noble Corporation (NYSE NE) traded down 1.03% during midday trading on Wednesday, reaching $3.85. The company had a trading volume of 3,565,636 shares. Noble Corporation has a 52-week low of $3.14 and a 52-week high of $8.37. The company’s market cap is $942.04 million. The company’s 50-day moving average is $3.88 and its 200 day moving average is $4.25.
A number of institutional investors and hedge funds have recently made changes to their positions in NE. Founders Capital Management lifted its holdings in Noble Corporation by 95.9% during the 2nd 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. acquired a new position in Noble Corporation during the 2nd quarter worth about $117,000. Teacher Retirement System of Texas lifted its holdings in Noble Corporation by 16.8% during the 1st 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. Nisa Investment Advisors LLC lifted its holdings in Noble Corporation by 109.3% during the 2nd 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. Finally, Brave Asset Management Inc. lifted its holdings in Noble Corporation by 40.0% during the 2nd quarter. Brave Asset Management Inc. now owns 35,000 shares of the oil and gas company’s stock worth $127,000 after buying an additional 10,000 shares during the period. 95.63% of the stock is currently owned by hedge funds and other institutional investors.
About Noble Corporation
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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