Noble (NE) PT Set at $6.00 by Piper Jaffray Companies

Piper Jaffray Companies set a $6.00 price objective on Noble (NYSE:NE) in a research report report published on Tuesday. The brokerage currently has a hold rating on the oil and gas company’s stock. Piper Jaffray Companies also issued estimates for Noble’s Q4 2018 earnings at ($0.38) EPS, Q1 2019 earnings at ($0.50) EPS, Q2 2019 earnings at ($0.52) EPS, FY2019 earnings at ($1.96) EPS, FY2020 earnings at ($1.27) EPS, FY2021 earnings at ($0.41) EPS and FY2022 earnings at ($0.39) EPS.

A number of other analysts have also recently issued reports on the stock. Royal Bank of Canada raised shares of Noble from a sector perform rating to an outperform rating in a research note on Thursday, September 20th. Societe Generale raised shares of Noble from a hold rating to a buy rating and set a $10.00 price objective for the company in a research note on Friday, October 12th. Zacks Investment Research raised shares of Noble from a hold rating to a buy rating and set a $6.50 price objective for the company in a research note on Wednesday, August 1st. Simmons raised shares of Noble from an underweight rating to a neutral rating and increased their price objective for the stock from $3.25 to $6.00 in a research note on Monday, October 1st. Finally, Nordea Equity Research raised shares of Noble from a sell rating to a hold rating in a research note on Friday, September 28th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company. Noble currently has an average rating of Hold and a consensus price target of $6.24.

NE stock traded down $0.05 during midday trading on Tuesday, reaching $4.64. 6,327,744 shares of the company’s stock traded hands, compared to its average volume of 6,107,411. The company has a current ratio of 2.09, a quick ratio of 2.07 and a debt-to-equity ratio of 0.83. The stock has a market cap of $1.23 billion, a P/E ratio of -4.07 and a beta of 2.45. Noble has a 52-week low of $3.39 and a 52-week high of $7.44.

Noble (NYSE:NE) last announced its quarterly earnings data on Wednesday, October 31st. The oil and gas company reported ($0.43) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.45) by $0.02. The firm had revenue of $279.41 million during the quarter, compared to analysts’ expectations of $263.19 million. Noble had a negative net margin of 79.51% and a negative return on equity of 8.26%. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.36) earnings per share. As a group, equities analysts forecast that Noble will post -1.85 earnings per share for the current year.

Large investors have recently modified their holdings of the stock. Welch & Forbes LLC bought a new position in shares of Noble during the third quarter worth $115,000. First Mercantile Trust Co. boosted its position in shares of Noble by 210.1% during the third quarter. First Mercantile Trust Co. now owns 29,051 shares of the oil and gas company’s stock worth $204,000 after acquiring an additional 19,684 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Noble by 127.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,703 shares of the oil and gas company’s stock worth $216,000 after acquiring an additional 17,214 shares during the last quarter. NumerixS Investment Technologies Inc bought a new position in shares of Noble during the second quarter worth $229,000. Finally, Laurion Capital Management LP bought a new position in shares of Noble during the second quarter worth $284,000. Hedge funds and other institutional investors own 85.88% of the company’s stock.

About Noble

Noble Corporation plc operates as an offshore drilling contractor for the oil and gas industry worldwide. It provides contract drilling services using mobile offshore drilling units. As of December 31, 2017, the company operated a fleet of 8 drill ships, 6 semisubmersibles, and 14 jack ups. Noble Corporation plc was founded in 1921 and is headquartered in London, the United Kingdom.

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