Noble (NE) Bonds Trading 2.3% Lower

An issue of Noble Co. (NYSE:NE) bonds fell 2.3% as a percentage of their face value during trading on Friday. The debt issue has a 6.05% coupon and is set to mature on March 1, 2041. The debt is now trading at $69.25 and was trading at $68.27 last week. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.

A number of equities analysts recently issued reports on NE shares. Piper Jaffray Companies reissued a “hold” rating and set a $2.85 price target on shares of Noble in a report on Sunday, October 22nd. Royal Bank of Canada set a $5.00 price target on Noble and gave the stock a “hold” rating in a report on Thursday, December 21st. Deutsche Bank started coverage on Noble in a report on Tuesday, October 10th. They set a “hold” rating and a $4.00 price target on the stock. ValuEngine lowered Noble from a “sell” rating to a “strong sell” rating in a report on Sunday, December 31st. Finally, Cowen set a $3.00 price target on Noble and gave the stock a “hold” rating in a report on Wednesday, October 18th. Six research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $5.65.

Shares of Noble Co. (NYSE:NE) remained flat at $$5.06 during trading hours on Friday. 6,240,000 shares of the stock were exchanged, compared to its average volume of 7,530,000. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.58 and a quick ratio of 1.58. The stock has a market cap of $1,240.00, a price-to-earnings ratio of -0.69 and a beta of 2.34. Noble Co. has a 52-week low of $3.14 and a 52-week high of $7.80.

Noble (NYSE:NE) last announced its quarterly earnings data on Thursday, November 2nd. The oil and gas company reported ($0.36) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.36). The firm had revenue of $266.20 million during the quarter, compared to the consensus estimate of $269.61 million. Noble had a negative net margin of 136.22% and a negative return on equity of 3.94%. The firm’s revenue was down 30.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.23) earnings per share. analysts anticipate that Noble Co. will post -1.18 EPS for the current year.

A number of large investors have recently made changes to their positions in NE. BlackRock Inc. lifted its position in Noble by 37.6% in the second quarter. BlackRock Inc. now owns 32,390,455 shares of the oil and gas company’s stock valued at $117,253,000 after purchasing an additional 8,843,373 shares during the period. State Street Corp lifted its position in Noble by 31.7% in the second quarter. State Street Corp now owns 22,444,196 shares of the oil and gas company’s stock valued at $81,248,000 after purchasing an additional 5,405,697 shares during the period. Vanguard Group Inc. lifted its position in Noble by 16.7% in the second quarter. Vanguard Group Inc. now owns 23,523,527 shares of the oil and gas company’s stock valued at $85,155,000 after purchasing an additional 3,371,015 shares during the period. SG Capital Management LLC acquired a new stake in Noble in the third quarter valued at about $9,696,000. Finally, Contrarius Investment Management Ltd lifted its position in Noble by 21.7% in the third quarter. Contrarius Investment Management Ltd now owns 6,631,412 shares of the oil and gas company’s stock valued at $30,504,000 after purchasing an additional 1,184,494 shares during the period. Hedge funds and other institutional investors own 86.80% of the company’s stock.

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Noble Company Profile

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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