Noble (NE) PT Set at $6.00 by Jefferies Group

Noble (NYSE:NE) received a $6.00 price objective from research analysts at Jefferies Group in a research note issued on Thursday. The firm currently has a “buy” rating on the oil and gas company’s stock. Jefferies Group’s target price would suggest a potential upside of 18.81% from the company’s previous close.

A number of other research firms have also issued reports on NE. Zacks Investment Research lowered Noble from a “buy” rating to a “hold” rating in a report on Monday, October 23rd. Piper Jaffray Companies reiterated a “hold” rating and issued a $2.85 target price on shares of Noble in a report on Sunday, October 22nd. ValuEngine lowered Noble from a “sell” rating to a “strong sell” rating in a report on Friday, December 1st. started coverage on Noble in a report on Thursday, October 19th. They issued a “buy” rating and a $5.30 target price for the company. Finally, UBS Group upgraded Noble from a “neutral” rating to a “buy” rating and lifted their target price for the company from $4.00 to $6.00 in a report on Monday, September 25th. Six investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company’s stock. Noble currently has a consensus rating of “Hold” and a consensus price target of $5.65.

Noble (NE) traded up $0.15 on Thursday, hitting $5.05. The stock had a trading volume of 9,604,880 shares, compared to its average volume of 9,138,360. Noble has a 1-year low of $3.14 and a 1-year high of $7.80. The stock has a market capitalization of $1,200.00, a price-to-earnings ratio of -0.69 and a beta of 2.34. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.58 and a current ratio of 1.58.

Noble (NYSE:NE) last released its earnings results on Thursday, November 2nd. The oil and gas company reported ($0.36) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.36). The firm had revenue of $266.20 million during the quarter, compared to analyst estimates of $269.61 million. Noble had a negative return on equity of 3.94% and a negative net margin of 136.22%. Noble’s revenue was down 30.9% compared to the same quarter last year. During the same period last year, the business posted ($0.23) earnings per share. research analysts expect that Noble will post -1.18 earnings per share for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of Noble by 37.6% during the second quarter. BlackRock Inc. now owns 32,390,455 shares of the oil and gas company’s stock worth $117,253,000 after purchasing an additional 8,843,373 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Noble by 16.7% during the second quarter. Vanguard Group Inc. now owns 23,523,527 shares of the oil and gas company’s stock worth $85,155,000 after purchasing an additional 3,371,015 shares in the last quarter. State Street Corp increased its position in shares of Noble by 31.7% during 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 purchasing an additional 5,405,697 shares in the last quarter. Contrarius Investment Management Ltd increased its position in shares of Noble by 21.7% during the third quarter. Contrarius Investment Management Ltd now owns 6,631,412 shares of the oil and gas company’s stock worth $30,504,000 after purchasing an additional 1,184,494 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Noble by 2.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,645,549 shares of the oil and gas company’s stock valued at $20,437,000 after acquiring an additional 145,172 shares during the period. Institutional investors and hedge funds own 86.80% of the company’s stock.

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Noble 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.

Analyst Recommendations for Noble (NYSE:NE)

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