Noble (NYSE:NE) Stock Price Up 13.1%

Shares of Noble Co. PLC (NYSE:NE) traded up 13.1% on Monday . The stock traded as high as $2.00 and last traded at $1.98, 6,520,938 shares traded hands during mid-day trading. An increase of 26% from the average session volume of 5,192,036 shares. The stock had previously closed at $1.75.

A number of equities research analysts recently weighed in on NE shares. SEB Equities lowered shares of Noble from a “buy” rating to a “sell” rating and lowered their price target for the company from $2.80 to $1.50 in a report on Tuesday, June 18th. Scotiabank set a $1.00 price objective on shares of Noble and gave the stock a “hold” rating in a report on Monday, August 26th. ValuEngine upgraded shares of Noble from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. HSBC set a $3.00 price objective on shares of Noble and gave the company a “buy” rating in a research report on Monday, July 15th. Finally, Pareto Securities downgraded Noble from a “buy” rating to a “hold” rating in a research note on Monday. Five research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $4.39.

The company’s fifty day simple moving average is $1.62 and its two-hundred day simple moving average is $2.22. The company has a market capitalization of $493.33 million, a price-to-earnings ratio of -1.12 and a beta of 2.58. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.63 and a current ratio of 0.63.

Noble (NYSE:NE) last issued its earnings results on Thursday, August 1st. The oil and gas company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.11. The business had revenue of $292.90 million for the quarter, compared to analyst estimates of $271.59 million. Noble had a negative net margin of 28.97% and a negative return on equity of 8.14%. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.49) EPS. Sell-side analysts anticipate that Noble Co. PLC will post -1.64 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Noble during the first quarter worth $56,000. BNP Paribas Arbitrage SA grew its position in shares of Noble by 788.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 189,542 shares of the oil and gas company’s stock valued at $544,000 after buying an additional 168,213 shares during the last quarter. Rhumbline Advisers lifted its holdings in Noble by 1.3% in the first quarter. Rhumbline Advisers now owns 720,565 shares of the oil and gas company’s stock worth $2,068,000 after acquiring an additional 9,204 shares during the last quarter. Comerica Bank lifted its holdings in Noble by 2.5% in the first quarter. Comerica Bank now owns 257,316 shares of the oil and gas company’s stock worth $770,000 after acquiring an additional 6,274 shares during the last quarter. Finally, Texas Permanent School Fund lifted its holdings in Noble by 4.6% in the first quarter. Texas Permanent School Fund now owns 168,866 shares of the oil and gas company’s stock worth $485,000 after acquiring an additional 7,367 shares during the last quarter. Hedge funds and other institutional investors own 77.27% 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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