Zacks: Analysts Anticipate Noble Co. PLC (NYSE:NE) Will Announce Quarterly Sales of $262.56 Million

Analysts expect Noble Co. PLC (NYSE:NE) to announce sales of $262.56 million for the current fiscal quarter, Zacks Investment Research reports. Six analysts have provided estimates for Noble’s earnings. The highest sales estimate is $276.40 million and the lowest is $257.00 million. Noble posted sales of $279.41 million during the same quarter last year, which would indicate a negative year over year growth rate of 6%. The firm is scheduled to issue its next earnings results on Wednesday, October 30th.

On average, analysts expect that Noble will report full year sales of $1.11 billion for the current financial year, with estimates ranging from $1.07 billion to $1.13 billion. For the next year, analysts expect that the company will report sales of $1.26 billion, with estimates ranging from $1.16 billion to $1.34 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Noble.

Noble (NYSE:NE) last issued its quarterly earnings data on Thursday, August 1st. The oil and gas company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.45) by $0.11. Noble had a negative net margin of 28.97% and a negative return on equity of 8.14%. The firm had revenue of $292.90 million for the quarter, compared to analyst estimates of $271.59 million. During the same period in the prior year, the business posted ($0.49) EPS. The business’s revenue for the quarter was up 13.4% compared to the same quarter last year.

A number of equities research analysts have issued reports on the stock. HSBC set a $3.00 target price on shares of Noble and gave the stock a “buy” rating in a report on Monday, July 15th. Bank of America assumed coverage on shares of Noble in a report on Monday, June 10th. They set an “underperform” rating and a $1.25 target price on the stock. SEB Equities lowered shares of Noble from a “buy” rating to a “sell” rating and reduced their target price for the stock from $2.80 to $1.50 in a report on Tuesday, June 18th. Barclays set a $3.00 target price on shares of Noble and gave the stock a “sell” rating in a report on Friday, May 3rd. Finally, ValuEngine upgraded shares of Noble from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $4.65.

Shares of NE stock traded down $0.19 during trading hours on Friday, hitting $1.02. The company had a trading volume of 364,032 shares, compared to its average volume of 5,848,666. The firm has a market capitalization of $298.98 million, a PE ratio of -0.55 and a beta of 2.51. Noble has a fifty-two week low of $1.20 and a fifty-two week high of $7.44. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.80. The business’s fifty day moving average is $1.82.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Firefly Value Partners LP grew its position in shares of Noble by 17.7% in the 2nd quarter. Firefly Value Partners LP now owns 20,141,856 shares of the oil and gas company’s stock valued at $37,665,000 after buying an additional 3,026,000 shares during the last quarter. Van ECK Associates Corp grew its position in shares of Noble by 51.1% in the 2nd quarter. Van ECK Associates Corp now owns 4,688,401 shares of the oil and gas company’s stock valued at $8,767,000 after buying an additional 1,586,351 shares during the last quarter. Norges Bank purchased a new position in shares of Noble in the 4th quarter valued at $9,114,000. Northern Trust Corp grew its position in shares of Noble by 1.2% in the 2nd quarter. Northern Trust Corp now owns 3,293,760 shares of the oil and gas company’s stock valued at $6,160,000 after buying an additional 40,017 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Noble by 14.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,794,318 shares of the oil and gas company’s stock valued at $5,226,000 after buying an additional 342,664 shares during the last quarter. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

Noble Company Profile

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.

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