Noble Co. (NE) Short Interest Down 16.4% in January

Noble Co. (NYSE:NE) was the target of a significant decrease in short interest in the month of January. As of January 31st, there was short interest totalling 46,911,018 shares, a decrease of 16.4% from the January 12th total of 56,142,043 shares. Based on an average daily volume of 8,811,594 shares, the short-interest ratio is currently 5.3 days. Approximately 19.4% of the company’s shares are sold short.

Institutional investors and hedge funds have recently modified their holdings of the business. Cubist Systematic Strategies LLC bought a new stake in Noble during the third quarter valued at $102,000. Everence Capital Management Inc. bought a new position in shares of Noble during the 4th quarter worth about $127,000. Sanders Morris Harris LLC bought a new position in shares of Noble during the 3rd quarter worth about $161,000. BlueCrest Capital Management Ltd boosted its position in shares of Noble by 179.0% during the 2nd quarter. BlueCrest Capital Management Ltd now owns 42,652 shares of the oil and gas company’s stock worth $154,000 after purchasing an additional 27,365 shares in the last quarter. Finally, OxFORD Asset Management LLP bought a new position in shares of Noble during the 3rd quarter worth about $219,000. 85.57% of the stock is currently owned by institutional investors and hedge funds.

Shares of Noble (NE) opened at $4.04 on Tuesday. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.64. The company has a market cap of $970.07, a price-to-earnings ratio of -0.55 and a beta of 2.22. Noble has a 1 year low of $3.14 and a 1 year high of $7.76.

A number of research firms recently weighed in on NE. Zacks Investment Research downgraded Noble from a “hold” rating to a “sell” rating in a report on Tuesday, January 16th. Susquehanna Bancshares set a $5.00 price objective on Noble and gave the company a “hold” rating in a report on Friday, January 12th. Cowen set a $5.00 price objective on Noble and gave the company a “hold” rating in a report on Thursday, January 11th. Piper Jaffray Companies restated an “underweight” rating on shares of Noble in a report on Thursday, January 11th. Finally, Barclays set a $4.00 price objective on Noble and gave the company a “hold” rating in a report on Tuesday, January 23rd. Eight research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $5.16.

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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.

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