Noble (NYSE:NE) Trading Down 5.4%

Noble Co. PLC (NYSE:NE) shares dropped 5.4% on Tuesday . The company traded as low as $0.99 and last traded at $1.05, approximately 8,896,178 shares were traded during mid-day trading. An increase of 77% from the average daily volume of 5,025,056 shares. The stock had previously closed at $1.11.

NE has been the topic of a number of research reports. Fearnley Fonds cut Noble from a “reduce” rating to a “sell” rating in a report on Monday, October 21st. Citigroup cut Noble from a “neutral” rating to a “sell” rating and set a $1.00 price target on the stock. in a report on Monday, September 23rd. Pareto Securities cut Noble from a “buy” rating to a “hold” rating in a report on Monday, September 9th. ValuEngine cut Noble from a “buy” rating to a “hold” rating in a report on Monday, November 4th. Finally, Morgan Stanley lowered their price target on Noble from $3.00 to $2.00 and set an “underweight” rating on the stock in a report on Monday, October 7th. Eight research analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $2.32.

The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.96. The business has a 50 day moving average of $1.19 and a 200-day moving average of $1.55. The stock has a market cap of $276.61 million, a PE ratio of -0.52 and a beta of 2.49.

Noble (NYSE:NE) last posted its earnings results on Wednesday, October 30th. The oil and gas company reported ($0.46) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.07. Noble had a negative return on equity of 8.76% and a negative net margin of 60.35%. The firm had revenue of $275.53 million for the quarter, compared to analyst estimates of $260.72 million. During the same quarter in the prior year, the company earned ($0.43) EPS. Noble’s revenue was down 1.4% on a year-over-year basis. On average, equities research analysts anticipate that Noble Co. PLC will post -1.66 EPS for the current fiscal year.

In related news, Director Julie H. Edwards bought 25,000 shares of Noble stock in a transaction that occurred on Monday, September 30th. The shares were purchased at an average price of $1.24 per share, with a total value of $31,000.00. Following the purchase, the director now owns 189,302 shares in the company, valued at $234,734.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the business. Parallax Volatility Advisers L.P. purchased a new position in shares of Noble during the 2nd quarter worth $38,000. Voloridge Investment Management LLC purchased a new position in shares of Noble during the 3rd quarter worth $56,000. First Mercantile Trust Co. lifted its stake in shares of Noble by 32.0% during the 2nd quarter. First Mercantile Trust Co. now owns 36,362 shares of the oil and gas company’s stock worth $68,000 after purchasing an additional 8,816 shares during the period. LPL Financial LLC lifted its stake in shares of Noble by 40.2% during the 2nd quarter. LPL Financial LLC now owns 39,081 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 11,214 shares during the period. Finally, World Asset Management Inc lifted its stake in shares of Noble by 40.0% during the 3rd quarter. World Asset Management Inc now owns 63,984 shares of the oil and gas company’s stock worth $81,000 after purchasing an additional 18,289 shares during the period. 82.97% of the stock is currently owned by institutional investors.

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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