Noble Corporation PLC $NE Shares Newly Purchased by Merrion Investment Management Co LLC

Key Points

• Merrion Investment Management acquired 30,000 Noble shares worth approximately $1.25 million during the third quarter. Institutional investors collectively own 68.14% of the company.
• Noble shares rose 2.7% to $44.06, while the company’s latest quarterly results missed earnings expectations despite revenue exceeding estimates. Analysts forecast full-year earnings of $0.47 per share.
• Noble declared a quarterly dividend of $0.50, equal to $2.00 annually and a 4.5% yield, though its payout ratio remains high at 215.05%. Analysts maintain an average “Hold” rating with a $45.29 price target.

Merrion Investment Management Co LLC bought a new stake in shares of Noble Corporation PLC (NYSE:NE - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 30,000 shares of the company's stock, valued at approximately $1,252,000.

Other hedge funds also recently modified their holdings of the company. First Eagle Investment Management LLC raised its stake in shares of Noble by 2.9% during the second quarter. First Eagle Investment Management LLC now owns 13,957,162 shares of the company's stock worth $520,602,000 after buying an additional 395,316 shares during the last quarter. State Street Corp boosted its stake in Noble by 4.1% in the second quarter. State Street Corp now owns 5,428,507 shares of the company's stock valued at $202,483,000 after acquiring an additional 215,799 shares during the last quarter. Bank of America Corp DE boosted its stake in Noble by 101.9% in the second quarter. Bank of America Corp DE now owns 1,347,291 shares of the company's stock valued at $50,254,000 after acquiring an additional 679,981 shares during the last quarter. Avidian Wealth Enterprises LLC acquired a new stake in Noble during the 3rd quarter worth $55,802,000. Finally, Mraz Amerine & Associates Inc. grew its holdings in Noble by 2.3% during the 2nd quarter. Mraz Amerine & Associates Inc. now owns 65,934 shares of the company's stock worth $2,459,000 after acquiring an additional 1,486 shares during the period. Institutional investors own 68.14% of the company's stock.

Noble Trading Up 2.7%

NYSE NE traded up $1.15 during trading on Friday, reaching $44.06. 1,163,426 shares of the stock traded hands, compared to its average volume of 1,179,109. Noble Corporation PLC has a fifty-two week low of $27.12 and a fifty-two week high of $54.98. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.42. The firm has a market cap of $7.03 billion, a price-to-earnings ratio of 47.37 and a beta of 1.00. The stock's 50-day moving average price is $44.39 and its 200 day moving average price is $45.18.

Noble (NYSE:NE - Get Free Report) last posted its earnings results on Monday, July 27th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.14). The firm had revenue of $719.69 million during the quarter, compared to analyst estimates of $697.98 million. Noble had a return on equity of 1.93% and a net margin of 4.88%. The company's revenue for the quarter was down 15.2% on a year-over-year basis. During the same quarter last year, the business posted $0.27 earnings per share. Analysts predict that Noble Corporation PLC will post 0.47 EPS for the current year.

Noble Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 24th. Investors of record on Thursday, September 3rd were given a $0.50 dividend. The ex-dividend date was Thursday, September 3rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.5%. Noble's dividend payout ratio is currently 215.05%.

Analyst Ratings Changes

A number of research firms have recently weighed in on NE. Wall Street Zen downgraded Noble from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Citigroup reaffirmed a "neutral" rating on shares of Noble in a research note on Monday, September 7th. Zacks Research raised Noble from a "strong sell" rating to a "hold" rating in a research note on Friday, October 9th. Barclays dropped their price objective on Noble from $55.00 to $53.00 and set an "overweight" rating for the company in a report on Thursday, July 30th. Finally, Susquehanna increased their target price on Noble from $40.00 to $44.00 and gave the company a "neutral" rating in a research note on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $45.29.

Noble Profile

Noble Corporation plc NYSE: NE is an offshore drilling contractor that provides drilling services to oil and gas companies worldwide. The company operates a fleet of offshore drilling rigs, including drillships, semisubmersible rigs and jackup rigs, which are used for exploration, development and production activities in offshore oil and gas fields.

Noble's services include contract drilling, rig operations, well-construction support and related offshore services. Its fleet is designed to work in a range of water depths and operating environments, including deepwater and harsh-environment locations.

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