Piper Jaffray Companies Brokers Reduce Earnings Estimates for Noble Co. PLC (NYSE:NE)

Noble Co. PLC (NYSE:NE) – Research analysts at Piper Jaffray Companies reduced their Q3 2019 earnings per share (EPS) estimates for Noble in a report issued on Wednesday, July 10th. Piper Jaffray Companies analyst I. Macpherson now anticipates that the oil and gas company will post earnings per share of ($0.51) for the quarter, down from their previous estimate of ($0.50). Piper Jaffray Companies also issued estimates for Noble’s Q4 2019 earnings at ($0.50) EPS, FY2019 earnings at ($1.99) EPS, Q1 2020 earnings at ($0.40) EPS, Q2 2020 earnings at ($0.35) EPS, Q3 2020 earnings at ($0.35) EPS, Q4 2020 earnings at ($0.35) EPS, FY2020 earnings at ($1.45) EPS and FY2021 earnings at ($0.78) EPS.

Noble (NYSE:NE) last issued its earnings results on Wednesday, May 1st. The oil and gas company reported ($0.37) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.05. The firm had revenue of $282.90 million during the quarter, compared to the consensus estimate of $273.22 million. Noble had a negative net margin of 71.96% and a negative return on equity of 8.75%. The business’s quarterly revenue was up 20.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.55) earnings per share.

A number of other brokerages have also recently commented on NE. Bank of America set a $77.00 price target on shares of Citigroup and gave the company a “buy” rating in a research report on Monday, June 10th. Zacks Investment Research upgraded shares of HB Fuller from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. SEB Equities upgraded shares of Diamond Offshore Drilling from a “sell” rating to a “hold” rating and reduced their price target for the company from $10.00 to $7.70 in a research report on Tuesday, June 18th. ValuEngine upgraded shares of WEX from a “hold” rating to a “buy” rating in a research report on Thursday, June 13th. Finally, Barclays set a $24.00 target price on shares of Orion Engineered Carbons and gave the stock a “hold” rating in a report on Friday, May 3rd. Six equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company’s stock. Noble presently has an average rating of “Hold” and a consensus price target of $4.81.

NYSE NE opened at $1.89 on Monday. The company has a market cap of $515.75 million, a price-to-earnings ratio of -1.03 and a beta of 2.50. The business has a fifty day moving average price of $1.85. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.77 and a current ratio of 0.77. Noble has a 1 year low of $1.50 and a 1 year high of $7.44.

A number of institutional investors have recently made changes to their positions in the business. Norges Bank purchased a new position in shares of Noble in the 4th quarter worth about $9,114,000. Bank of America Corp DE raised its position in shares of Noble by 722.2% in the 4th quarter. Bank of America Corp DE now owns 1,539,800 shares of the oil and gas company’s stock worth $4,035,000 after purchasing an additional 1,352,522 shares during the last quarter. River & Mercantile Asset Management LLP raised its position in shares of Noble by 61.8% in the 4th quarter. River & Mercantile Asset Management LLP now owns 2,885,147 shares of the oil and gas company’s stock worth $7,545,000 after purchasing an additional 1,101,752 shares during the last quarter. Penn Capital Management Co. Inc. raised its position in shares of Noble by 54.1% in the 4th quarter. Penn Capital Management Co. Inc. now owns 2,903,867 shares of the oil and gas company’s stock worth $8,203,000 after purchasing an additional 1,019,500 shares during the last quarter. Finally, BlackRock Inc. raised its position in shares of Noble by 2.5% in the 4th quarter. BlackRock Inc. now owns 39,364,645 shares of the oil and gas company’s stock worth $103,134,000 after purchasing an additional 970,599 shares during the last quarter. 80.25% of the stock is owned by institutional investors and hedge funds.

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, 2018, the company operated a fleet of 24 drilling rigs consisted of 8 drill ships, 4 semisubmersibles, and 12 jack ups.

Further Reading: Net Margin

Earnings History and Estimates for Noble (NYSE:NE)

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