Noble Corporation PLC $NE Stock Sold by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management cut its Noble stake by 18.9% in the second quarter, selling 70,201 shares and retaining 300,583 shares valued at approximately $11.2 million. Institutional investors collectively own 68.14% of Noble.
• Noble reported quarterly EPS of $0.01, missing analyst expectations of $0.15, while revenue of $719.69 million exceeded estimates. Revenue declined 15.2% year over year, and analysts expect full-year EPS of approximately $0.40.
• Noble’s stock recently traded at $41.74, near analysts’ consensus target of $44.71. The company maintains a quarterly dividend of $0.50 per share, equivalent to a 4.8% annualized yield, though its payout ratio is elevated at 215.05%.

Envestnet Asset Management Inc. reduced its stake in Noble Corporation PLC (NYSE:NE - Free Report) by 18.9% during the second quarter, according to its most recent filing with the SEC. The fund owned 300,583 shares of the company's stock after selling 70,201 shares during the quarter. Envestnet Asset Management Inc. owned 0.19% of Noble worth $11,212,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. State Street Corp increased its holdings in Noble by 4.1% in 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 last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Noble by 2.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 61,266 shares of the company's stock valued at $2,285,000 after buying an additional 1,524 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in Noble in the 2nd quarter worth approximately $118,000. Mraz Amerine & Associates Inc. boosted its holdings in Noble by 2.3% in the 2nd quarter. Mraz Amerine & Associates Inc. now owns 65,934 shares of the company's stock worth $2,459,000 after buying an additional 1,486 shares during the period. Finally, Arizona State Retirement System grew its stake in Noble by 0.7% in the 2nd quarter. Arizona State Retirement System now owns 35,142 shares of the company's stock valued at $1,311,000 after buying an additional 237 shares in the last quarter. 68.14% of the stock is owned by hedge funds and other institutional investors.

Noble Price Performance

Noble stock opened at $41.74 on Friday. Noble Corporation PLC has a 52 week low of $26.69 and a 52 week high of $54.98. The business has a 50-day simple moving average of $44.13 and a 200 day simple moving average of $45.60. 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 stock has a market cap of $6.66 billion, a price-to-earnings ratio of 44.88 and a beta of 1.00.

Noble (NYSE:NE - Get Free Report) last announced its earnings results on Monday, July 27th. The company reported $0.01 earnings per share for the quarter, missing analysts' consensus estimates of $0.15 by ($0.14). The business had revenue of $719.69 million during the quarter, compared to the consensus estimate of $697.98 million. Noble had a return on equity of 1.93% and a net margin of 4.88%.Noble's revenue was down 15.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.27 earnings per share. On average, research analysts forecast that Noble Corporation PLC will post 0.4 earnings per share for the current fiscal year.

Noble Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 24th. Shareholders of record on Thursday, September 3rd were given a dividend of $0.50 per share. The ex-dividend date was Thursday, September 3rd. This represents a $2.00 annualized dividend and a yield of 4.8%. Noble's payout ratio is presently 215.05%.

Analysts Set New Price Targets

NE has been the topic of a number of analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Noble in a report on Friday, July 24th. Citigroup reiterated a "neutral" rating on shares of Noble in a research report on Monday, September 7th. Barclays dropped their price objective on Noble from $55.00 to $53.00 and set an "overweight" rating on the stock in a report on Thursday, July 30th. Wall Street Zen downgraded Noble from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. Finally, Susquehanna reduced their target price on Noble from $55.00 to $40.00 and set a "neutral" rating for the company in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $44.71.

Noble Company 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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