Noble (NE) Shares Gap Down to $3.49

Noble Co. PLC (NYSE:NE) gapped down before the market opened on Friday . The stock had previously closed at $3.57, but opened at $3.49. Noble shares last traded at $3.36, with a volume of 3129235 shares traded.

A number of equities research analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Noble from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd. Susquehanna Bancshares set a $8.00 price objective on shares of Noble and gave the stock a “hold” rating in a research report on Wednesday, October 10th. Bank of America downgraded shares of Noble to a “sell” rating in a research report on Thursday, December 20th. Credit Suisse Group set a $6.00 price objective on shares of Noble and gave the stock a “hold” rating in a research report on Friday, November 2nd. Finally, BTIG Research assumed coverage on shares of Noble in a research report on Monday, September 17th. They issued a “neutral” rating for the company. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and three have assigned a buy rating to the company. Noble currently has an average rating of “Hold” and a consensus target price of $6.01.

The stock has a market cap of $841.57 million, a price-to-earnings ratio of -2.95 and a beta of 2.61. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.09 and a current ratio of 2.09.

Noble (NYSE:NE) last released its earnings results on Wednesday, October 31st. The oil and gas company reported ($0.43) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.02. Noble had a negative net margin of 79.51% and a negative return on equity of 8.26%. The firm had revenue of $279.41 million during the quarter, compared to the consensus estimate of $263.19 million. During the same period in the prior year, the firm earned ($0.36) EPS. The company’s revenue was up 5.0% compared to the same quarter last year. As a group, equities analysts anticipate that Noble Co. PLC will post -1.84 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. lifted its stake in shares of Noble by 2.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 2,406,651 shares of the oil and gas company’s stock valued at $15,235,000 after buying an additional 60,344 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Noble by 4.8% during the 2nd quarter. BlackRock Inc. now owns 37,605,342 shares of the oil and gas company’s stock valued at $238,043,000 after buying an additional 1,720,572 shares in the last quarter. Laurion Capital Management LP purchased a new stake in shares of Noble during the 2nd quarter valued at approximately $284,000. Bank of America Corp DE lifted its stake in shares of Noble by 15.0% during the 2nd quarter. Bank of America Corp DE now owns 2,080,782 shares of the oil and gas company’s stock valued at $13,171,000 after buying an additional 270,920 shares in the last quarter. Finally, Cubist Systematic Strategies LLC lifted its stake in shares of Noble by 498.0% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 89,109 shares of the oil and gas company’s stock valued at $564,000 after buying an additional 74,208 shares in the last quarter. 85.38% of the stock is owned by hedge funds and other institutional investors.

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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, 2017, the company operated a fleet of 8 drill ships, 6 semisubmersibles, and 14 jack ups. Noble Corporation plc was founded in 1921 and is headquartered in London, the United Kingdom.

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