Noble (NYSE:NE) Cut to "Strong Sell" at Zacks Research

Key Points

• Zacks Research downgraded Noble from “hold” to “strong sell.” Other analyst opinions are mixed, and the stock’s consensus rating remains “hold,” with a $46.57 average price target.
• Noble reported a quarterly loss of $0.57 per share, missing analysts’ $0.23-per-share estimate, while revenue of $728.76 million exceeded expectations. Revenue fell 8.6% year over year.
• Noble shares opened at $41.17, within a one-year range of $27.67 to $54.98; institutional investors own 68.14% of the company’s stock.

Noble (NYSE:NE - Get Free Report) was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Monday, Zacks reports.

A number of other research analysts also recently commented on the stock. Wall Street Zen downgraded shares of Noble from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Susquehanna boosted their price target on shares of Noble from $44.00 to $46.00 and gave the company a "neutral" rating in a research report on Wednesday, October 28th. Weiss Ratings downgraded shares of Noble from a "hold (c)" rating to a "sell (d+)" rating in a research note on Wednesday, November 4th. Noble Financial started coverage on Noble in a report on Thursday, October 29th. They set an "outperform" rating on the stock. Finally, Barclays cut their target price on Noble from $55.00 to $53.00 and set an "overweight" rating on the stock in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Noble presently has a consensus rating of "Hold" and a consensus price target of $46.57.

Noble Trading Up 0.1%

NE opened at $41.17 on Monday. Noble has a one year low of $27.67 and a one year high of $54.98. The company has a market cap of $6.57 billion, a P/E ratio of 124.76 and a beta of 1.05. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.76 and a current ratio of 1.76. The business's 50-day simple moving average is $44.01 and its 200-day simple moving average is $44.72.

Noble (NYSE:NE - Get Free Report) last announced its quarterly earnings results on Monday, October 26th. The company reported ($0.57) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.23 by ($0.80). The business had revenue of $728.76 million during the quarter, compared to analyst estimates of $713.82 million. Noble had a net margin of 1.79% and a negative return on equity of 0.76%. The business's revenue for the quarter was down 8.6% compared to the same quarter last year. During the same period last year, the company earned ($0.13) earnings per share. As a group, equities research analysts expect that Noble will post 0.11 EPS for the current fiscal year.

Hedge Funds Weigh In On Noble

Hedge funds and other institutional investors have recently made changes to their positions in the stock. First Eagle Investment Management LLC increased its position in Noble by 4.1% in the 3rd quarter. First Eagle Investment Management LLC now owns 14,523,873 shares of the company's stock valued at $606,226,000 after acquiring an additional 566,711 shares during the period. State Street Corp lifted its position in Noble by 4.1% during the 2nd quarter. State Street Corp now owns 5,428,507 shares of the company's stock worth $202,483,000 after acquiring an additional 215,799 shares during the period. Bank of America Corp DE lifted its position in Noble by 101.9% during the 2nd quarter. Bank of America Corp DE now owns 1,347,291 shares of the company's stock worth $50,254,000 after acquiring an additional 679,981 shares during the period. Avidian Wealth Enterprises LLC purchased a new position in shares of Noble in the 3rd quarter valued at approximately $55,802,000. Finally, CWA Asset Management Group LLC grew its stake in shares of Noble by 1.9% in the 3rd quarter. CWA Asset Management Group LLC now owns 761,190 shares of the company's stock valued at $31,772,000 after purchasing an additional 14,231 shares during the last quarter. Hedge funds and other institutional investors own 68.14% of the company's stock.

About Noble

Noble Corporation plc, operating as Noble NYSE: NE, provides contract drilling services to the offshore oil and gas industry. The company owns and operates a fleet of mobile offshore drilling units, including drillships, semisubmersible rigs and jackup rigs, and provides related services to energy companies exploring for and producing oil and natural gas. Noble serves customers in offshore markets around the world. Its operations support drilling in a range of water depths and environments, from shallow-water projects to deepwater and ultra-deepwater developments.

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