Noble (NE) Bond Prices Rise 1.3%

An issue of Noble Corporation (NYSE:NE) bonds rose 1.3% against their face value during trading on Monday. The high-yield debt issue has a 5.25% coupon and is set to mature on March 15, 2042. The bonds in the issue are now trading at $61.00. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.

A number of brokerages have recently issued reports on NE. Cowen reaffirmed a “hold” rating and set a $3.00 price objective on shares of Noble in a research note on Tuesday, September 5th. Royal Bank Of Canada set a $5.00 price objective on Noble and gave the company a “hold” rating in a research note on Sunday, November 12th. Goldman Sachs Group raised Noble to a “sell” rating in a research note on Wednesday, August 9th. Deutsche Bank assumed coverage on Noble in a research note on Tuesday, October 10th. They set a “hold” rating and a $4.00 price objective on the stock. Finally, UBS upgraded shares of Noble from a “neutral” rating to a “buy” rating and increased their target price for the stock from $4.00 to $6.00 in a report on Monday, September 25th. Six equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $5.56.

Shares of Noble Corporation (NYSE:NE) traded up $0.04 on Monday, reaching $4.50. 6,918,532 shares of the company’s stock traded hands, compared to its average volume of 10,263,142. 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 Corporation has a twelve month low of $3.14 and a twelve month high of $8.37.

Noble (NYSE:NE) last issued its quarterly earnings data on Thursday, November 2nd. The oil and gas company reported ($0.36) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.36). Noble had a negative net margin of 136.22% and a negative return on equity of 3.94%. The business had revenue of $266.20 million during the quarter, compared to analyst estimates of $269.61 million. During the same period last year, the business posted ($0.23) earnings per share. Noble’s quarterly revenue was down 30.9% compared to the same quarter last year. sell-side analysts predict that Noble Corporation will post -1.17 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of NE. Teachers Advisors LLC lifted its holdings in Noble by 8.9% in the first quarter. Teachers Advisors LLC now owns 281,419 shares of the oil and gas company’s stock worth $1,742,000 after buying an additional 23,067 shares during the period. Capstone Asset Management Co. lifted its holdings in Noble by 6.9% in 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. State of Alaska Department of Revenue purchased a new stake in Noble in the second quarter worth about $174,000. Oregon Public Employees Retirement Fund lifted its holdings in Noble by 1.8% in 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. Finally, Nisa Investment Advisors LLC lifted its holdings in Noble by 109.3% in the second quarter. Nisa Investment Advisors LLC now owns 31,400 shares of the oil and gas company’s stock worth $125,000 after buying an additional 16,400 shares during the period. Institutional investors and hedge funds own 87.10% of the company’s stock.

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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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