Noble (NE) Debt Trading 1.3% Higher

An issue of Noble Co. (NYSE:NE) bonds rose 1.3% as a percentage of their face value during trading on Wednesday. The high-yield issue of debt has a 7.75% coupon and is set to mature on January 15, 2024. The bonds in the issue are now trading at $93.25 and were trading at $95.00 last week. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its stock price.

A number of research analysts have commented on the company. Piper Jaffray Companies restated a “hold” rating and issued a $2.85 target price on shares of Noble in a research note on Sunday, October 22nd. Royal Bank of Canada set a $5.00 target price on Noble and gave the company a “hold” rating in a research note on Thursday, December 21st. Deutsche Bank assumed coverage on Noble in a research note on Tuesday, October 10th. They issued a “hold” rating and a $4.00 target price on the stock. ValuEngine downgraded Noble from a “sell” rating to a “strong sell” rating in a research note on Sunday, December 31st. Finally, Cowen set a $3.00 target price on Noble and gave the company a “hold” rating in a research note on Wednesday, October 18th. Seven investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $5.36.

Noble Co. (NE) traded down $0.03 on Wednesday, hitting $4.69. The stock had a trading volume of 5,813,832 shares, compared to its average volume of 9,155,151. The company has a market cap of $1,160.00, a P/E ratio of -0.64 and a beta of 2.34. Noble Co. has a 52 week low of $3.14 and a 52 week high of $7.76. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.58 and a current ratio of 1.58.

Noble (NYSE:NE) last released its quarterly earnings results on Thursday, November 2nd. The oil and gas company reported ($0.36) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.36). The company had revenue of $266.20 million during the quarter, compared to the consensus estimate of $269.61 million. Noble had a negative return on equity of 3.94% and a negative net margin of 136.22%. The firm’s revenue was down 30.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.23) EPS. research analysts predict that Noble Co. will post -1.18 EPS for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC bought a new stake in Noble during the 3rd quarter valued at approximately $102,000. Pinebridge Investments L.P. bought a new stake in Noble during the 2nd quarter valued at approximately $117,000. BlueCrest Capital Management Ltd boosted its stake in Noble by 179.0% during the 2nd quarter. BlueCrest Capital Management Ltd now owns 42,652 shares of the oil and gas company’s stock valued at $154,000 after purchasing an additional 27,365 shares during the period. Sanders Morris Harris LLC bought a new stake in Noble during the 3rd quarter valued at approximately $161,000. Finally, ProShare Advisors LLC boosted its stake in Noble by 9.1% during the 2nd quarter. ProShare Advisors LLC now owns 48,685 shares of the oil and gas company’s stock valued at $176,000 after purchasing an additional 4,047 shares during the period. Institutional investors own 85.55% 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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