Noble (NYSE:NE) Shares Gap Down to $1.57

Shares of Noble Co. PLC (NYSE:NE) gapped down prior to trading on Thursday . The stock had previously closed at $1.44, but opened at $1.57. Noble shares last traded at $1.57, with a volume of 30,654 shares.

Several research analysts recently commented on NE shares. Zacks Investment Research cut Noble from a “buy” rating to a “hold” rating and set a $2.25 target price for the company. in a research report on Tuesday, June 11th. HSBC set a $3.00 price objective on Noble and gave the stock a “buy” rating in a research note on Monday, July 15th. Barclays set a $3.00 price objective on Noble and gave the stock a “sell” rating in a research note on Friday, May 3rd. Bank of America started coverage on Noble in a research note on Monday, June 10th. They set an “underperform” rating and a $1.25 price objective for the company. Finally, SEB Equities lowered Noble from a “buy” rating to a “sell” rating and dropped their price objective for the stock from $2.80 to $1.50 in a research note on Tuesday, June 18th. Five analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $4.65.

The firm has a market cap of $391.17 million, a P/E ratio of -0.82 and a beta of 2.51. The company has a quick ratio of 0.77, a current ratio of 0.63 and a debt-to-equity ratio of 0.80. The company’s 50 day simple moving average is $1.85.

Noble (NYSE:NE) last announced its earnings results on Thursday, August 1st. The oil and gas company reported ($0.34) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.11. Noble had a negative return on equity of 8.14% and a negative net margin of 28.97%. The company had revenue of $292.90 million during the quarter, compared to analyst estimates of $271.59 million. During the same period last year, the company posted ($0.49) earnings per share. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. Analysts forecast that Noble Co. PLC will post -1.69 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in NE. Geode Capital Management LLC lifted its stake in Noble by 3.0% in 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 acquiring an additional 72,524 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Noble by 0.5% in the 4th quarter. Principal Financial Group Inc. now owns 2,025,367 shares of the oil and gas company’s stock valued at $5,307,000 after acquiring an additional 9,600 shares in the last quarter. Bank of America Corp DE lifted its stake in 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 valued at $4,035,000 after acquiring an additional 1,352,522 shares in the last quarter. Municipal Employees Retirement System of Michigan bought a new stake in Noble in the 4th quarter valued at approximately $187,000. Finally, Thrivent Financial for Lutherans lifted its stake in Noble by 2.2% in the 4th quarter. Thrivent Financial for Lutherans now owns 176,275 shares of the oil and gas company’s stock valued at $462,000 after acquiring an additional 3,877 shares in the last quarter. Institutional investors own 79.58% of the company’s stock.

Noble Company Profile (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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