Noble (NE) Shares Up 5.8%

Noble Co. PLC (NYSE:NE)’s share price shot up 5.8% during mid-day trading on Thursday . The stock traded as high as $4.48 and last traded at $4.40. 3,576,407 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 6,582,921 shares. The stock had previously closed at $4.16.

Several research firms recently issued reports on NE. Piper Jaffray Companies set a $6.00 target price on Noble and gave the company a “hold” rating in a research report on Tuesday, November 6th. Credit Suisse Group set a $6.00 target price on Noble and gave the company a “hold” rating in a research report on Friday, November 2nd. Tudor Pickering raised Noble from a “hold” rating to a “buy” rating in a research report on Friday, November 2nd. ValuEngine downgraded Noble from a “strong-buy” rating to a “buy” rating in a research report on Monday, October 29th. Finally, Cowen began coverage on Noble in a research report on Saturday, October 13th. They issued a “hold” rating and a $6.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the stock. Noble currently has an average rating of “Hold” and an average target price of $6.24.

The stock has a market cap of $1.09 billion, a PE ratio of -3.61 and a beta of 2.45. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.83.

Noble (NYSE:NE) last announced its quarterly earnings results on Wednesday, October 31st. The oil and gas company reported ($0.43) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.02. The company had revenue of $279.41 million for the quarter, compared to the consensus estimate of $263.19 million. Noble had a negative return on equity of 8.26% and a negative net margin of 79.51%. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.36) EPS. As a group, research analysts anticipate that Noble Co. PLC will post -1.84 EPS for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. WealthTrust Axiom LLC grew its position in Noble by 7.4% during the 3rd quarter. WealthTrust Axiom LLC now owns 151,558 shares of the oil and gas company’s stock worth $1,065,000 after purchasing an additional 10,500 shares during the period. Rhumbline Advisers grew its position in Noble by 2.0% during the 2nd quarter. Rhumbline Advisers now owns 593,284 shares of the oil and gas company’s stock worth $3,755,000 after purchasing an additional 11,379 shares during the period. Aperio Group LLC grew its position in Noble by 9.6% during the 3rd quarter. Aperio Group LLC now owns 156,697 shares of the oil and gas company’s stock worth $1,102,000 after purchasing an additional 13,757 shares during the period. Welch & Forbes LLC acquired a new stake in Noble during the 3rd quarter worth about $115,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Noble by 127.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,703 shares of the oil and gas company’s stock worth $216,000 after purchasing an additional 17,214 shares during the period. 86.62% of the stock is currently owned by institutional investors.

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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, 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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