Noble (NYSE:NE) Downgraded to Reduce at HSBC

Noble (NYSE:NE) was downgraded by HSBC from a “buy” rating to a “reduce” rating in a research note issued to investors on Friday, The Fly reports.

NE has been the topic of several other research reports. Scotiabank set a $1.00 target price on Noble and gave the company a “hold” rating in a research report on Monday, August 26th. Fearnley Fonds cut Noble from a “reduce” rating to a “sell” rating in a report on Monday, October 21st. Morgan Stanley dropped their price target on Noble from $3.00 to $2.00 and set an “underweight” rating for the company in a report on Monday, October 7th. Royal Bank of Canada downgraded Noble from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $9.00 to $3.00 in a research note on Wednesday, September 25th. Finally, ValuEngine lowered Noble from a “buy” rating to a “hold” rating in a report on Monday, November 4th. Eight analysts have rated the stock with a sell rating and nine have given a hold rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $2.32.

Shares of NE stock opened at $1.08 on Friday. The company has a market capitalization of $267.89 million, a price-to-earnings ratio of -0.59 and a beta of 2.49. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.58 and a current ratio of 0.58. The company has a 50-day simple moving average of $1.22 and a 200 day simple moving average of $1.58. Noble has a 52 week low of $0.99 and a 52 week high of $4.09.

Noble (NYSE:NE) last released its quarterly earnings results on Wednesday, October 30th. The oil and gas company reported ($0.46) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.53) by $0.07. The firm had revenue of $275.53 million for the quarter, compared to analysts’ expectations of $260.72 million. Noble had a negative net margin of 60.35% and a negative return on equity of 8.76%. The business’s revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.43) EPS. Sell-side analysts forecast that Noble will post -1.65 EPS for the current year.

In other Noble news, Director Julie H. Edwards purchased 25,000 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was bought at an average cost of $1.24 per share, for a total transaction of $31,000.00. Following the completion of the transaction, the director now owns 189,302 shares in the company, valued at $234,734.48. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of NE. Millennium Management LLC raised its stake in Noble by 170.5% in the third quarter. Millennium Management LLC now owns 87,905 shares of the oil and gas company’s stock valued at $111,000 after purchasing an additional 55,405 shares in the last quarter. Voloridge Investment Management LLC bought a new stake in Noble during the third quarter worth about $56,000. California State Teachers Retirement System lifted its position in Noble by 8.6% during the third quarter. California State Teachers Retirement System now owns 493,978 shares of the oil and gas company’s stock worth $627,000 after purchasing an additional 38,996 shares during the period. California Public Employees Retirement System grew its stake in Noble by 13.4% during the third quarter. California Public Employees Retirement System now owns 699,074 shares of the oil and gas company’s stock worth $888,000 after buying an additional 82,400 shares in the last quarter. Finally, State of Tennessee Treasury Department grew its stake in Noble by 8.5% during the third quarter. State of Tennessee Treasury Department now owns 107,588 shares of the oil and gas company’s stock worth $137,000 after buying an additional 8,458 shares in the last quarter. Institutional investors own 83.01% of the company’s stock.

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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