Royal Bank of Canada Reaffirms Hold Rating for Noble (NYSE:NE)

Royal Bank of Canada reiterated their hold rating on shares of Noble (NYSE:NE) in a report published on Tuesday, AnalystRatings.com reports. The brokerage currently has a $1.50 price target on the oil and gas company’s stock.

A number of other research firms also recently issued reports on NE. HSBC downgraded shares of Noble from a buy rating to a reduce rating in a research note on Friday, December 6th. Evercore ISI initiated coverage on shares of Noble in a research note on Friday, February 7th. They issued a buy rating and a $1.00 target price on the stock. Capital One Financial reissued an equal weight rating on shares of Noble in a research note on Friday, February 7th. Finally, ValuEngine downgraded shares of Noble from a buy rating to a hold rating in a research note on Tuesday, February 18th. Seven investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus price target of $1.91.

Noble stock traded up $0.05 during mid-day trading on Tuesday, reaching $0.70. 4,990,084 shares of the company’s stock traded hands, compared to its average volume of 4,691,225. The company has a market cap of $174.89 million, a price-to-earnings ratio of -0.25 and a beta of 2.63. The stock has a 50 day moving average of $0.92 and a two-hundred day moving average of $1.23. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.03. Noble has a 12-month low of $0.61 and a 12-month high of $3.21.

Noble (NYSE:NE) last released its quarterly earnings results on Wednesday, February 19th. The oil and gas company reported ($0.33) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.50) by $0.17. The company had revenue of $454.09 million for the quarter, compared to the consensus estimate of $261.53 million. Noble had a negative net margin of 53.67% and a negative return on equity of 9.13%. During the same quarter in the prior year, the firm earned ($0.36) earnings per share. As a group, sell-side analysts forecast that Noble will post -1.28 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in NE. Geode Capital Management LLC grew its holdings in shares of Noble by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 3,329,886 shares of the oil and gas company’s stock worth $4,062,000 after purchasing an additional 101,530 shares during the last quarter. Cubist Systematic Strategies LLC grew its holdings in shares of Noble by 2,666.3% in the fourth quarter. Cubist Systematic Strategies LLC now owns 98,536 shares of the oil and gas company’s stock worth $120,000 after purchasing an additional 94,974 shares during the last quarter. Guggenheim Capital LLC bought a new position in shares of Noble in the fourth quarter worth about $100,000. UBS Group AG grew its holdings in shares of Noble by 195.5% in the fourth quarter. UBS Group AG now owns 428,727 shares of the oil and gas company’s stock worth $523,000 after purchasing an additional 283,660 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of Noble by 37.7% in the fourth quarter. Van ECK Associates Corp now owns 4,366,891 shares of the oil and gas company’s stock worth $5,328,000 after purchasing an additional 1,194,611 shares during the last quarter. 82.31% of the stock is currently owned by institutional investors and hedge funds.

About Noble

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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Analyst Recommendations for Noble (NYSE:NE)

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