Noble Corporation (NE) Short Interest Down 19.9% in November

Noble Corporation (NYSE:NE) was the target of a significant drop in short interest in November. As of November 15th, there was short interest totalling 37,980,810 shares, a drop of 19.9% from the October 31st total of 47,441,898 shares. Approximately 15.7% of the company’s stock are short sold. Based on an average daily volume of 7,909,839 shares, the short-interest ratio is presently 4.8 days.

Noble (NE) opened at $4.46 on Monday. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.64. Noble has a 52 week low of $3.14 and a 52 week high of $8.37.

Noble (NYSE:NE) last issued its earnings results on Thursday, November 2nd. The oil and gas company reported ($0.36) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.36). Noble had a negative return on equity of 3.94% and a negative net margin of 136.22%. The company had revenue of $266.20 million during the quarter, compared to the consensus estimate of $269.61 million. During the same period in the previous year, the firm posted ($0.23) earnings per share. Noble’s quarterly revenue was down 30.9% compared to the same quarter last year. analysts anticipate that Noble will post -1.17 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Texas Permanent School Fund boosted its position in shares of Noble by 0.8% during the second quarter. Texas Permanent School Fund now owns 178,646 shares of the oil and gas company’s stock worth $647,000 after buying an additional 1,498 shares during the period. Oregon Public Employees Retirement Fund boosted its position in shares of Noble by 1.8% during the second quarter. Oregon Public Employees Retirement Fund now owns 86,884 shares of the oil and gas company’s stock worth $315,000 after buying an additional 1,500 shares during the period. Capstone Asset Management Co. boosted its position in shares of Noble by 6.9% during the second quarter. Capstone Asset Management Co. now owns 61,720 shares of the oil and gas company’s stock worth $223,000 after buying an additional 3,960 shares during the period. ProShare Advisors LLC boosted its position in shares of Noble by 9.1% during the second quarter. ProShare Advisors LLC now owns 48,685 shares of the oil and gas company’s stock worth $176,000 after buying an additional 4,047 shares during the period. Finally, Speece Thorson Capital Group Inc. boosted its position in shares of Noble by 0.4% during the second quarter. Speece Thorson Capital Group Inc. now owns 1,637,700 shares of the oil and gas company’s stock worth $5,928,000 after buying an additional 6,855 shares during the period. Institutional investors and hedge funds own 87.29% of the company’s stock.

NE has been the subject of a number of research reports. ValuEngine upgraded Noble from a “strong sell” rating to a “sell” rating in a research note on Friday, September 1st. Royal Bank Of Canada set a $5.00 price target on Noble and gave the stock a “hold” rating in a research note on Sunday, November 12th. Piper Jaffray Companies reiterated a “hold” rating and issued a $2.85 price target on shares of Noble in a research note on Sunday, October 22nd. Deutsche Bank initiated coverage on Noble in a research note on Tuesday, October 10th. They issued a “hold” rating and a $4.00 price target for the company. Finally, initiated coverage on Noble in a research note on Thursday, October 19th. They issued a “buy” rating and a $5.30 price target for the company. Six investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the stock. Noble currently has a consensus rating of “Hold” and an average price target of $5.56.

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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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