HSBC Holdings plc Begins Coverage on Noble Corporation (NE)
Analysts at HSBC Holdings plc began coverage on shares of Noble Corporation (NYSE:NE) in a research report issued to clients and investors on Thursday, MarketBeat.com reports. The brokerage set a “buy” rating and a $5.30 price target on the oil and gas company’s stock. HSBC Holdings plc’s price objective suggests a potential upside of 40.21% from the stock’s current price.
A number of other research analysts have also weighed in on the company. Zacks Investment Research raised Noble Corporation from a “hold” rating to a “buy” rating and set a $4.50 price target on the stock in a research note on Wednesday. Deutsche Bank AG initiated coverage on Noble Corporation in a research note on Tuesday, October 10th. They set a “hold” rating and a $4.00 price target on the stock. Royal Bank Of Canada set a $5.00 price target on Noble Corporation and gave the stock a “hold” rating in a research note on Saturday, October 7th. UBS AG raised Noble Corporation from a “neutral” rating to a “buy” rating and increased their price target for the stock from $4.00 to $6.00 in a research note on Monday, September 25th. Finally, Cowen and Company reissued a “hold” rating and set a $3.00 price target on shares of Noble Corporation in a research note on Tuesday, September 5th. Seven equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and seven have given a buy rating to the company’s stock. Noble Corporation has a consensus rating of “Hold” and a consensus target price of $5.56.
Noble Corporation (NYSE:NE) traded down 4.06% during trading on Thursday, hitting $3.78. The stock had a trading volume of 5,504,293 shares. The firm’s market cap is $925.73 million. The stock’s 50 day moving average price is $4.02 and its 200 day moving average price is $4.15. Noble Corporation has a 12-month low of $3.14 and a 12-month high of $8.37.
Noble Corporation (NYSE:NE) last posted its earnings results on Thursday, August 3rd. The oil and gas company reported ($0.31) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarter in the prior year, the company earned $0.01 EPS. Noble Corporation’s revenue was down 68.9% on a year-over-year basis. On average, analysts anticipate that Noble Corporation will post ($1.24) EPS for the current fiscal year.
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Several institutional investors have recently made changes to their positions in NE. Founders Capital Management grew its stake in shares of Noble Corporation by 95.9% during the second quarter. Founders Capital Management now owns 30,270 shares of the oil and gas company’s stock valued at $110,000 after acquiring an additional 14,820 shares in the last quarter. Pinebridge Investments L.P. acquired a new stake in shares of Noble Corporation during the second quarter valued at about $117,000. Teacher Retirement System of Texas grew its stake in shares of Noble Corporation by 16.8% during the first quarter. Teacher Retirement System of Texas now owns 19,601 shares of the oil and gas company’s stock valued at $121,000 after acquiring an additional 2,816 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Noble Corporation by 109.3% during the second quarter. Nisa Investment Advisors LLC now owns 31,400 shares of the oil and gas company’s stock valued at $125,000 after acquiring an additional 16,400 shares in the last quarter. Finally, Brave Asset Management Inc. grew its stake in shares of Noble Corporation by 40.0% during the second quarter. Brave Asset Management Inc. now owns 35,000 shares of the oil and gas company’s stock valued at $127,000 after acquiring an additional 10,000 shares in the last quarter. Institutional investors own 95.45% of the company’s stock.
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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