Noble (NYSE:NE) Shares Gap Up to $1.80

Noble Co. PLC (NYSE:NE)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $1.76, but opened at $1.80. Noble shares last traded at $1.86, with a volume of 5,524,221 shares.

A number of equities analysts have recently commented on NE shares. SEB Equities downgraded shares of Noble from a “buy” rating to a “sell” rating and reduced their price objective for the stock from $2.80 to $1.50 in a research note on Tuesday, June 18th. Scotiabank set a $1.00 price objective on shares of Noble and gave the stock a “hold” rating in a research note on Monday, August 26th. Zacks Investment Research downgraded shares of Noble from a “buy” rating to a “hold” rating and set a $2.25 price objective for the company. in a research note on Tuesday, June 11th. HSBC set a $3.00 price objective on shares of Noble and gave the stock a “buy” rating in a research note on Monday, July 15th. Finally, Pareto Securities downgraded shares of Noble from a “buy” rating to a “hold” rating in a research note on Monday, September 9th. Four research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $4.27.

The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.63 and a current ratio of 0.63. The stock’s fifty day moving average price is $1.60 and its 200-day moving average price is $2.17. The company has a market capitalization of $438.50 million, a P/E ratio of -1.01 and a beta of 2.58.

Noble (NYSE:NE) last issued its earnings results on Thursday, August 1st. The oil and gas company reported ($0.34) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.45) by $0.11. The company had revenue of $292.90 million for the quarter, compared to analysts’ expectations of $271.59 million. Noble had a negative net margin of 28.97% and a negative return on equity of 8.14%. Noble’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.49) EPS. On average, research analysts predict that Noble Co. PLC will post -1.65 EPS for the current fiscal year.

Several hedge funds have recently modified their holdings of NE. Piedmont Investment Advisors Inc. raised its holdings in Noble by 7.0% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 62,850 shares of the oil and gas company’s stock valued at $180,000 after acquiring an additional 4,123 shares during the period. Comerica Bank raised its holdings in Noble by 2.5% in the 1st quarter. Comerica Bank now owns 257,316 shares of the oil and gas company’s stock valued at $770,000 after acquiring an additional 6,274 shares during the period. World Asset Management Inc raised its holdings in Noble by 18.0% in the 2nd quarter. World Asset Management Inc now owns 45,695 shares of the oil and gas company’s stock valued at $85,000 after acquiring an additional 6,978 shares during the period. Texas Permanent School Fund raised its holdings in Noble by 4.6% in the 1st quarter. Texas Permanent School Fund now owns 168,866 shares of the oil and gas company’s stock valued at $485,000 after acquiring an additional 7,367 shares during the period. Finally, First Mercantile Trust Co. raised its holdings in Noble by 32.0% in the 2nd quarter. First Mercantile Trust Co. now owns 36,362 shares of the oil and gas company’s stock valued at $68,000 after acquiring an additional 8,816 shares during the period. 77.19% of the stock is currently owned by institutional investors.

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, 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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