Noble (NYSE:NE) Shares Gap Down to $1.21

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Shares of Noble Co. PLC (NYSE:NE) gapped down prior to trading on Thursday . The stock had previously closed at $1.05, but opened at $1.21. Noble shares last traded at $1.08, with a volume of 204,875 shares trading hands.

NE has been the topic of several recent research reports. Barclays set a $3.00 price objective on shares of Noble and gave the company a “sell” rating in a report on Friday, May 3rd. ValuEngine raised shares of Noble from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Zacks Investment Research downgraded shares of Noble from a “buy” rating to a “hold” rating and set a $2.25 price objective on the stock. in a report on Tuesday, June 11th. Bank of America started coverage on shares of Noble in a research note on Monday, June 10th. They issued an “underperform” rating and a $1.25 target price for the company. Finally, SEB Equities cut shares of Noble from a “buy” rating to a “sell” rating and decreased their target price for the company from $2.80 to $1.50 in a research note on Tuesday, June 18th. Five investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the company’s stock. Noble currently has a consensus rating of “Hold” and an average price target of $4.65.

The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.63 and a current ratio of 0.63. The firm’s 50 day moving average is $1.81 and its 200-day moving average is $2.42. The stock has a market capitalization of $298.98 million, a price-to-earnings ratio of -0.55 and a beta of 2.51.

Noble (NYSE:NE) last posted its earnings results on Thursday, August 1st. The oil and gas company reported ($0.34) earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $271.59 million. During the same period in the previous year, the business posted ($0.49) EPS. The business’s revenue was up 13.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Noble Co. PLC will post -1.69 earnings per share for the current year.

Large investors have recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake in Noble by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 2,525,513 shares of the oil and gas company’s stock valued at $6,616,000 after purchasing an additional 72,524 shares during the last quarter. Bank of America Corp DE boosted its stake in Noble by 722.2% during the 4th quarter. Bank of America Corp DE now owns 1,539,800 shares of the oil and gas company’s stock valued at $4,035,000 after purchasing an additional 1,352,522 shares during the last quarter. Municipal Employees Retirement System of Michigan acquired a new position in Noble during the 4th quarter valued at about $187,000. Norges Bank acquired a new position in Noble during the 4th quarter valued at about $9,114,000. Finally, Mercer Global Advisors Inc. ADV acquired a new position in Noble during the 1st quarter valued at about $50,000. Institutional investors own 79.05% of the company’s stock.

About Noble (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, 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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