Noble (NE) Debt Trading 1.9% Higher

An issue of Noble Co. (NYSE:NE) debt rose 1.9% against its face value during trading on Thursday. The high-yield debt issue has a 7.75% coupon and will mature on January 15, 2024. The bonds in the issue are now trading at $95.25 and were trading at $91.00 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price.

Several equities research analysts recently issued reports on the company. Royal Bank of Canada set a $5.00 price target on Noble and gave the company a “hold” rating in a research note on Sunday, November 12th. Deutsche Bank assumed 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. Cowen set a $3.00 price target on Noble and gave the company a “hold” rating in a research note on Wednesday, October 18th. Jefferies Group set a $6.00 price target on Noble and gave the company a “buy” rating in a research note on Thursday, January 4th. Finally, UBS Group upgraded Noble from a “neutral” rating to a “buy” rating and boosted their price target for the company from $4.00 to $6.00 in a research note on Monday, September 25th. Seven equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $5.33.

Shares of Noble Co. (NYSE:NE) traded up $0.30 on Thursday, hitting $5.62. The stock had a trading volume of 12,774,700 shares, compared to its average volume of 7,630,000. Noble Co. has a one year low of $3.14 and a one year high of $7.80. The company has a market cap of $1,300.00, a PE ratio of -0.77 and a beta of 2.34. 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 (NYSE:NE) last announced its quarterly 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 analysts’ expectations of $269.61 million. During the same period in the prior year, the company earned ($0.23) EPS. Noble’s revenue was down 30.9% compared to the same quarter last year. research analysts anticipate that Noble Co. will post -1.18 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in NE. BlackRock Inc. lifted its stake in shares of Noble by 37.6% in the 2nd quarter. BlackRock Inc. now owns 32,390,455 shares of the oil and gas company’s stock valued at $117,253,000 after acquiring an additional 8,843,373 shares during the last quarter. State Street Corp lifted its stake in shares of Noble by 31.7% in the 2nd quarter. State Street Corp now owns 22,444,196 shares of the oil and gas company’s stock valued at $81,248,000 after acquiring an additional 5,405,697 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Noble by 16.7% in the 2nd quarter. Vanguard Group Inc. now owns 23,523,527 shares of the oil and gas company’s stock valued at $85,155,000 after acquiring an additional 3,371,015 shares during the last quarter. SG Capital Management LLC bought a new position in shares of Noble in the 3rd quarter valued at $9,696,000. Finally, Contrarius Investment Management Ltd lifted its stake in shares of Noble by 21.7% in the 3rd quarter. Contrarius Investment Management Ltd now owns 6,631,412 shares of the oil and gas company’s stock valued at $30,504,000 after acquiring an additional 1,184,494 shares during the last quarter. Institutional investors own 86.80% of the company’s stock.

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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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