Noble (NE) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Noble (NYSE:NE) issued its earnings results on Wednesday. The oil and gas company reported ($0.36) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.41) by $0.05, Bloomberg Earnings reports. Noble had a negative return on equity of 8.26% and a negative net margin of 79.51%. The company had revenue of $309.90 million during the quarter, compared to the consensus estimate of $289.04 million. During the same quarter in the prior year, the business earned ($0.29) earnings per share. The company’s revenue was down 6.0% compared to the same quarter last year.

NE stock traded up $0.16 on Wednesday, reaching $3.31. The company’s stock had a trading volume of 6,858,899 shares, compared to its average volume of 3,940,664. Noble has a 52 week low of $2.35 and a 52 week high of $7.44. The firm has a market capitalization of $787.70 million, a price-to-earnings ratio of -2.90 and a beta of 2.69. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.09 and a quick ratio of 2.09.

Several equities research analysts have recently weighed in on NE shares. Tudor Pickering raised Noble from a “hold” rating to a “buy” rating in a research report on Friday, November 2nd. Zacks Investment Research downgraded Noble from a “buy” rating to a “hold” rating in a research report on Wednesday, December 12th. Pareto Securities raised Noble from a “hold” rating to a “buy” rating in a research report on Monday, January 28th. ValuEngine upgraded Noble from a “hold” rating to a “buy” rating in a research note on Wednesday, January 2nd. Finally, Capital One Financial cut Noble from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 16th. Three research analysts have rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the company’s stock. Noble presently has a consensus rating of “Hold” and an average price target of $5.87.

Hedge funds and other institutional investors have recently modified their holdings of the business. Penn Capital Management Co. Inc. lifted its position in shares of Noble by 54.1% during the 4th quarter. Penn Capital Management Co. Inc. now owns 2,903,867 shares of the oil and gas company’s stock valued at $8,203,000 after acquiring an additional 1,019,500 shares during the last quarter. River & Mercantile Asset Management LLP lifted its holdings in shares of Noble by 61.8% in the fourth quarter. River & Mercantile Asset Management LLP now owns 2,885,147 shares of the oil and gas company’s stock valued at $7,545,000 after purchasing an additional 1,101,752 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Noble by 2.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 176,275 shares of the oil and gas company’s stock valued at $462,000 after purchasing an additional 3,877 shares in the last quarter. Municipal Employees Retirement System of Michigan purchased a new stake in shares of Noble in the fourth quarter valued at $187,000. Finally, Capstone Financial Advisors Inc. purchased a new stake in shares of Noble in the fourth quarter valued at $26,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

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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.

Further Reading: How to trade on quiet period expirations

Earnings History for Noble (NYSE:NE)

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