Noble Corporation (NYSE:NE) – Stock analysts at Seaport Global Securities lowered their FY2017 earnings estimates for shares of Noble in a report issued on Wednesday. Seaport Global Securities analyst M. Urban now anticipates that the oil and gas company will post earnings of ($1.19) per share for the year, down from their previous forecast of ($1.10). Seaport Global Securities also issued estimates for Noble’s Q4 2017 earnings at ($0.34) EPS, Q1 2018 earnings at ($0.35) EPS, Q2 2018 earnings at ($0.31) EPS, Q4 2018 earnings at ($0.29) EPS, FY2018 earnings at ($1.25) EPS, Q1 2019 earnings at ($0.34) EPS, Q2 2019 earnings at ($0.37) EPS, Q3 2019 earnings at ($0.37) EPS and FY2019 earnings at ($1.45) EPS.
NE has been the subject of several other research reports. Cowen reissued a “hold” rating and set a $3.00 price objective on shares of Noble in a report on Tuesday, September 5th. Royal Bank of Canada set a $5.00 price objective on Noble and gave the stock a “hold” rating in a report on Sunday, November 12th. Deutsche Bank assumed coverage on Noble in a report on Tuesday, October 10th. They set a “hold” rating and a $4.00 price objective for the company. UBS Group raised Noble from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $4.00 to $6.00 in a report on Monday, September 25th. Finally, assumed coverage on Noble in a report on Thursday, October 19th. They set a “buy” rating and a $5.30 price objective for the company. Six equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $5.62.
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 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 analyst estimates of $269.61 million. During the same quarter in the previous year, the firm earned ($0.23) earnings per share. Noble’s revenue was down 30.9% on a year-over-year basis.
Large investors have recently added to or reduced their stakes in the company. Sterling Capital Management LLC raised its holdings in shares of Noble by 0.9% during the third quarter. Sterling Capital Management LLC now owns 2,302,948 shares of the oil and gas company’s stock valued at $10,594,000 after acquiring an additional 20,981 shares in the last quarter. California Public Employees Retirement System raised its holdings in shares of Noble by 62.2% during the third quarter. California Public Employees Retirement System now owns 2,385,742 shares of the oil and gas company’s stock valued at $10,974,000 after acquiring an additional 914,823 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Noble during the third quarter valued at approximately $102,000. Highbridge Capital Management LLC bought a new position in shares of Noble during the third quarter valued at approximately $345,000. Finally, Allianz Asset Management GmbH bought a new position in shares of Noble during the third quarter valued at approximately $4,001,000. 86.80% of the stock is owned by hedge funds and other institutional investors.
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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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