Noble (NYSE:NE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.

According to Zacks, “In this depressed pricing market, Noble Corporation faces uncertainty over its new contract flows and the dayrates. Oversupply of rigs is another major concern at a time when all contractors are cutting on their expenses. Additionally, the currently challenged offshore drilling space limits any potential upside. The recent early termination of rig contracts as well as cold stacking of rigs is likely to impact the company’s contract drilling revenues and costs going forward. The company’s high level of debt is a concern.  Noble is also facing pressure on top line as its total revenues declined at a CAGR of 15.6% over the past three years (2014–2016).”

Several other equities analysts have also weighed in on NE. Cowen set a $5.00 target price on shares of Noble and gave the company a “hold” rating in a report on Thursday, January 11th. Piper Jaffray Companies reaffirmed an “underweight” rating on shares of Noble in a report on Thursday, January 11th. Susquehanna Bancshares set a $5.00 target price on shares of Noble and gave the company a “hold” rating in a report on Friday. UBS Group raised shares of 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. Finally, ValuEngine lowered shares of Noble from a “sell” rating to a “strong sell” rating in a report on Sunday, December 31st. Eight research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $5.41.

Noble (NYSE:NE) traded up $0.15 on Tuesday, reaching $5.77. 10,661,300 shares of the company’s stock were exchanged, compared to its average volume of 9,613,289. Noble has a 12 month low of $3.14 and a 12 month high of $7.76. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.64. The stock has a market cap of $1,410.00, a price-to-earnings ratio of -0.79 and a beta of 2.34.

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

A number of institutional investors have recently added to or reduced their stakes in NE. Sterling Capital Management LLC boosted its stake in Noble by 0.9% during the 3rd quarter. Sterling Capital Management LLC now owns 2,302,948 shares of the oil and gas company’s stock worth $10,594,000 after purchasing an additional 20,981 shares during the last quarter. California Public Employees Retirement System boosted its stake in Noble by 62.2% during the 3rd quarter. California Public Employees Retirement System now owns 2,385,742 shares of the oil and gas company’s stock worth $10,974,000 after purchasing an additional 914,823 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Noble during the 3rd quarter worth $102,000. Highbridge Capital Management LLC acquired a new stake in Noble during the 3rd quarter worth $345,000. Finally, Allianz Asset Management GmbH acquired a new position in shares of Noble during the 3rd quarter valued at about $4,001,000. 86.98% of the stock is currently owned by hedge funds and other institutional investors.

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About Noble

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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