Noble (NYSE:NE) Announces Earnings Results

Key Points

• Noble reported a quarterly loss of $0.57 per share, missing analysts’ consensus estimate of $0.23 earnings per share by $0.80. Revenue reached $728.76 million, exceeding the $713.82 million estimate.
• Noble shares rose 0.7% to $48.02 following the report. The stock has traded between $27.67 and $54.98 over the past year and carries a market capitalization of approximately $7.67 billion.
• Analyst sentiment remains mixed, with Noble holding a consensus rating of “Hold” and an average price target of $45.29; recent recommendations ranged from “Sell” to “Strong Buy.”

Noble (NYSE:NE - Get Free Report) issued its quarterly earnings data on Monday. The company reported ($0.57) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.80), Zacks reports. Noble had a net margin of 4.88% and a return on equity of 1.93%. The firm had revenue of $728.76 million during the quarter, compared to analyst estimates of $713.82 million. During the same period last year, the business earned ($0.13) EPS.

Noble Stock Up 0.7%

NE traded up $0.32 on Monday, reaching $48.02. The company's stock had a trading volume of 1,815,449 shares, compared to its average volume of 1,636,896. The stock has a market cap of $7.67 billion, a price-to-earnings ratio of 51.63 and a beta of 1.00. Noble has a 1 year low of $27.67 and a 1 year high of $54.98. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.91 and a quick ratio of 1.91. The business's 50 day moving average is $44.42 and its 200 day moving average is $44.98.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Wall Street Zen cut shares of Noble from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Zacks Research upgraded shares of Noble from a "strong sell" rating to a "hold" rating in a research note on Friday, October 9th. Barclays lowered their price target on shares of Noble from $55.00 to $53.00 and set an "overweight" rating for the company in a report on Thursday, July 30th. Fearnley Fonds raised shares of Noble from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Finally, Susquehanna lifted their price target on shares of Noble from $40.00 to $44.00 and gave the stock a "neutral" rating in a research note on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Noble currently has a consensus rating of "Hold" and a consensus price target of $45.29.

Noble Company Profile

Noble Corporation plc NYSE: NE is an offshore drilling contractor that provides drilling services to the global oil and gas industry. The company operates a fleet of offshore drilling units, including drillships, semisubmersible rigs and jackup rigs, which are used to explore for and develop oil and natural gas reserves beneath the seabed.

Noble's services include contract drilling, well planning, project management and other related support services. Its drilling units are designed to operate in a range of offshore environments, including deepwater and harsh-environment locations.

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