Noble (NE) Shares Gap Down to $4.36

Shares of Noble Co. PLC (NYSE:NE) gapped down before the market opened on Friday . The stock had previously closed at $4.45, but opened at $4.36. Noble shares last traded at $4.17, with a volume of 5383715 shares changing hands.

Several analysts recently weighed in on NE shares. Tudor Pickering upgraded Noble from a “hold” rating to a “buy” rating in a report on Friday, November 2nd. Seaport Global Securities set a $5.00 target price on Noble and gave the stock a “hold” rating in a research note on Monday, August 6th. Simmons upgraded Noble from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $3.25 to $6.00 in a research note on Monday, October 1st. Cowen assumed coverage on Noble in a research note on Saturday, October 13th. They issued a “hold” rating and a $6.00 target price on the stock. Finally, Morgan Stanley assumed coverage on Noble in a research note on Tuesday, September 18th. They issued an “underweight” rating and a $6.00 target price on the stock. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the stock. Noble currently has an average rating of “Hold” and an average price target of $6.24.

The company has a debt-to-equity ratio of 0.83, a current ratio of 2.09 and a quick ratio of 2.09. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -3.66 and a beta of 2.45.

Noble (NYSE:NE) last released its earnings results on Wednesday, October 31st. The oil and gas company reported ($0.43) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.02. Noble had a negative return on equity of 8.26% and a negative net margin of 79.51%. The business had revenue of $279.41 million for the quarter, compared to analyst estimates of $263.19 million. During the same quarter last year, the firm posted ($0.36) earnings per share. The business’s revenue was up 5.0% compared to the same quarter last year. Analysts expect that Noble Co. PLC will post -1.84 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Hellman Jordan Management Co. Inc. MA bought a new position in shares of Noble during the 2nd quarter worth $694,000. Bank of America Corp DE grew its position in shares of Noble by 15.0% during the 2nd quarter. Bank of America Corp DE now owns 2,080,782 shares of the oil and gas company’s stock worth $13,171,000 after buying an additional 270,920 shares in the last quarter. Fisher Asset Management LLC bought a new position in shares of Noble during the 3rd quarter worth $4,850,000. TVR Capital Management LP bought a new position in shares of Noble during the 2nd quarter worth $2,486,000. Finally, Millennium Management LLC grew its position in shares of Noble by 263.9% during the 2nd quarter. Millennium Management LLC now owns 1,973,946 shares of the oil and gas company’s stock worth $12,495,000 after buying an additional 1,431,523 shares in the last quarter. 86.62% of the stock is currently owned by institutional investors and hedge funds.

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Noble Company Profile (NYSE:NE)

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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