An issue of Noble Co. (NYSE:NE) bonds fell 1.5% as a percentage of their face value during trading on Wednesday after Barclays PLC lowered their price target on the stock from $7.00 to $5.00. The debt issue has a 5.25% coupon and is set to mature on March 15, 2042. The bonds in the issue are now trading at $67.50 and were trading at $68.90 one week ago. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.
Several other research firms also recently weighed in on NE. Seaport Global Securities raised Noble from a “neutral” rating to a “buy” rating in a research note on Tuesday, March 7th. BMO Capital Markets set a $5.00 price objective on Noble and gave the company a “sell” rating in a research note on Thursday, January 12th. Citigroup Inc raised Noble from a “neutral” rating to a “buy” rating in a research note on Saturday, January 21st. Capital One Financial Corp. raised Noble from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, January 17th. Finally, Credit Suisse Group AG set a $10.00 price objective on Noble and gave the company a “buy” rating in a research note on Saturday, February 11th. Five investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $7.25.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in Noble by 13,598.2% in the first quarter. BlackRock Inc. now owns 23,547,082 shares of the oil and gas company’s stock valued at $145,756,000 after buying an additional 23,375,183 shares during the period. Dimensional Fund Advisors LP raised its position in Noble by 57.3% in the first quarter. Dimensional Fund Advisors LP now owns 20,624,594 shares of the oil and gas company’s stock valued at $127,666,000 after buying an additional 7,514,153 shares during the period. MARSHALL WACE ASIA Ltd bought a new position in Noble during the first quarter valued at approximately $30,425,000. Marshall Wace North America L.P. bought a new position in Noble during the first quarter valued at approximately $30,425,000. Finally, State Street Corp raised its position in Noble by 57.2% in the fourth quarter. State Street Corp now owns 13,735,183 shares of the oil and gas company’s stock valued at $81,317,000 after buying an additional 4,997,584 shares during the period. 91.66% of the stock is currently owned by institutional investors.
The company’s 50-day moving average is $5.22 and its 200-day moving average is $6.09. The company’s market cap is $1.12 billion.
Noble (NYSE:NE) last posted its quarterly earnings results on Thursday, May 4th. The oil and gas company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.02. The company had revenue of $363 million for the quarter, compared to analysts’ expectations of $368.25 million. During the same quarter in the prior year, the firm earned $0.31 earnings per share. The company’s revenue was down 40.7% on a year-over-year basis. On average, equities research analysts anticipate that Noble Co. will post ($1.25) EPS for the current fiscal year.
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Noble Corporation is an offshore drilling contractor for the oil and gas industry. The Company performs contract drilling services with its fleet of 79 mobile offshore drilling units and one floating production storage and offloading unit (NYSE:NE) located globally.
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