Noble Corporation (NE) Releases Quarterly Earnings Results, Meets Expectations
Noble Corporation (NYSE:NE) issued its quarterly earnings results on Thursday. The oil and gas company reported ($0.36) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.36), Bloomberg Earnings reports. Noble Corporation had a negative return on equity of 3.90% and a negative net margin of 136.22%. The firm had revenue of $266.20 million during the quarter, compared to the consensus estimate of $269.61 million. During the same period last year, the company earned ($0.23) earnings per share. The company’s revenue for the quarter was down 30.9% on a year-over-year basis.
Noble Corporation (NYSE:NE) traded down $0.02 during trading on Friday, reaching $4.09. The company had a trading volume of 7,320,000 shares, compared to its average volume of 6,622,764. Noble Corporation has a 1 year low of $3.14 and a 1 year high of $8.37. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.45 and a quick ratio of 1.45.
NE has been the subject of several recent research reports. Jefferies Group LLC reaffirmed a “buy” rating and set a $5.50 price target (down from $7.00) on shares of Noble Corporation in a report on Tuesday, July 18th. Royal Bank Of Canada reissued a “sell” rating and issued a $5.00 target price on shares of Noble Corporation in a report on Thursday, July 20th. ValuEngine downgraded Noble Corporation from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 1st. Societe Generale downgraded Noble Corporation from a “buy” rating to a “hold” rating in a report on Monday, August 7th. Finally, Piper Jaffray Companies set a $4.00 target price on Noble Corporation and gave the company a “hold” rating in a report on Monday, August 7th. Seven investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and six have given a buy rating to the company. Noble Corporation has a consensus rating of “Hold” and an average price target of $5.56.
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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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