Noble Co. (NE) Short Interest Update
Noble Co. (NYSE:NE) was the target of a significant increase in short interest during the month of December. As of December 29th, there was short interest totalling 53,143,362 shares, an increase of 33.8% from the December 15th total of 39,730,290 shares. Approximately 22.0% of the company’s stock are sold short. Based on an average trading volume of 8,334,384 shares, the days-to-cover ratio is currently 6.4 days.
NE has been the topic of a number of recent research reports. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $2.85 target price on shares of Noble in a research report on Sunday, October 22nd. Royal Bank of Canada set a $5.00 target price on Noble and gave the company a “hold” rating in a research report on Thursday, December 21st. Deutsche Bank initiated coverage on Noble in a research report on Tuesday, October 10th. They issued a “hold” rating and a $4.00 target price on the stock. ValuEngine downgraded Noble from a “sell” rating to a “strong sell” rating in a research report on Sunday, December 31st. Finally, Cowen set a $3.00 target price on Noble and gave the company a “hold” rating in a research report on Wednesday, October 18th. Seven investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have assigned a buy rating to the company. Noble currently has an average rating of “Hold” and an average target price of $5.41.
Several large investors have recently modified their holdings of NE. Schwab Charles Investment Management Inc. boosted its holdings in shares of Noble by 53.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,674,562 shares of the oil and gas company’s stock worth $6,062,000 after acquiring an additional 583,407 shares during the period. Rhumbline Advisers boosted its holdings in shares of Noble by 12.4% during the second quarter. Rhumbline Advisers now owns 472,610 shares of the oil and gas company’s stock worth $1,711,000 after acquiring an additional 51,956 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Noble by 2.6% during the second quarter. Bank of New York Mellon Corp now owns 5,645,549 shares of the oil and gas company’s stock worth $20,437,000 after acquiring an additional 145,172 shares during the period. Comerica Bank boosted its holdings in shares of Noble by 24.1% during the second quarter. Comerica Bank now owns 263,655 shares of the oil and gas company’s stock worth $1,047,000 after acquiring an additional 51,264 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of Noble by 89.5% during the second quarter. Principal Financial Group Inc. now owns 1,891,150 shares of the oil and gas company’s stock worth $6,846,000 after acquiring an additional 893,143 shares during the period. Institutional investors own 86.80% of the company’s stock.
Noble (NYSE:NE) last announced its quarterly earnings results on Thursday, November 2nd. The oil and gas company reported ($0.36) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.36). Noble had a negative return on equity of 3.94% and a negative net margin of 136.22%. The firm had revenue of $266.20 million for the quarter, compared to the consensus estimate of $269.61 million. During the same quarter in the previous year, the business earned ($0.23) earnings per share. The business’s revenue was down 30.9% compared to the same quarter last year. equities analysts forecast that Noble will post -1.18 EPS for the current year.
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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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