Analysts expect that Noble Corporation (NYSE:NE) will post $267.02 million in sales for the current quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Noble Corporation’s earnings, with the lowest sales estimate coming in at $255.72 million and the highest estimate coming in at $282.81 million. Noble Corporation reported sales of $385.15 million in the same quarter last year, which would suggest a negative year over year growth rate of 30.7%. The company is scheduled to issue its next quarterly earnings results after the market closes on Thursday, November 2nd.
According to Zacks, analysts expect that Noble Corporation will report full-year sales of $267.02 million for the current year, with estimates ranging from $1.14 billion to $1.20 billion. For the next year, analysts anticipate that the firm will report sales of $1.09 billion per share, with estimates ranging from $998.00 million to $1.17 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Noble Corporation.
Noble Corporation (NYSE:NE) last released its quarterly earnings results on Thursday, August 3rd. The oil and gas company reported ($0.31) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.33) by $0.02. The business had revenue of $278.10 million for the quarter, compared to analyst estimates of $284.99 million. Noble Corporation had a negative return on equity of 3.19% and a negative net margin of 122.04%. Noble Corporation’s revenue for the quarter was down 68.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.01 EPS.
A number of equities research analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of Noble Corporation from a “buy” rating to a “hold” rating in a research report on Monday, October 23rd. Piper Jaffray Companies restated a “hold” rating and set a $2.85 price objective on shares of Noble Corporation in a research report on Sunday, October 22nd. Cowen and Company set a $3.00 price objective on shares of Noble Corporation and gave the company a “hold” rating in a research report on Wednesday, October 18th. HSBC Holdings plc initiated coverage on shares of Noble Corporation in a research report on Thursday, October 19th. They set a “buy” rating and a $5.30 price objective for the company. Finally, Deutsche Bank AG initiated coverage on shares of Noble Corporation in a research report on Tuesday, October 10th. They set a “hold” rating and a $4.00 price objective for the company. Seven analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $5.56.
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Several institutional investors have recently modified their holdings of NE. Founders Capital Management lifted its holdings in Noble Corporation by 95.9% in the second quarter. Founders Capital Management now owns 30,270 shares of the oil and gas company’s stock valued at $110,000 after buying an additional 14,820 shares during the period. Pinebridge Investments L.P. acquired a new position in Noble Corporation in the second quarter valued at $117,000. Nisa Investment Advisors LLC lifted its holdings in Noble Corporation by 109.3% in the second quarter. Nisa Investment Advisors LLC now owns 31,400 shares of the oil and gas company’s stock valued at $125,000 after buying an additional 16,400 shares during the period. Brave Asset Management Inc. lifted its holdings in Noble Corporation by 40.0% in the second quarter. Brave Asset Management Inc. now owns 35,000 shares of the oil and gas company’s stock valued at $127,000 after buying an additional 10,000 shares during the period. Finally, Wright Investors Service Inc. lifted its holdings in Noble Corporation by 3.9% in the second quarter. Wright Investors Service Inc. now owns 38,115 shares of the oil and gas company’s stock valued at $138,000 after buying an additional 1,440 shares during the period. 94.60% of the stock is currently owned by institutional investors.
Noble Corporation 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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