Noble (NYSE:NE) Downgraded by Wall Street Zen to "Sell"

Key Points

• Wall Street Zen downgraded Noble to “Sell” from “Hold,” while the broader analyst consensus remains “Hold” with an average price target of $44.71.
• Noble reported quarterly EPS of $0.01, missing estimates of $0.15, although revenue of $719.69 million exceeded expectations; revenue declined 15.2% year over year.
• Insiders sold 125,724 shares worth approximately $6.05 million in the last quarter, while hedge funds and other institutions own 68.14% of the company.

Noble (NYSE:NE - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday.

A number of other brokerages have also recently issued reports on NE. Citigroup lowered their price objective on Noble from $52.00 to $45.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 30th. Zacks Research lowered shares of Noble from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 22nd. Evercore set a $59.00 target price on shares of Noble in a research note on Monday, April 27th. Susquehanna lowered their price target on shares of Noble from $55.00 to $40.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 8th. Finally, Fearnley Fonds raised shares of Noble from a "hold" rating to a "strong-buy" rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $44.71.

Noble Stock Performance

NYSE:NE opened at $42.33 on Friday. The company has a market capitalization of $6.76 billion, a P/E ratio of 45.52 and a beta of 0.92. The business has a fifty day simple moving average of $42.65 and a two-hundred day simple moving average of $44.29. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.91 and a quick ratio of 1.99. Noble has a 1 year low of $25.24 and a 1 year high of $54.98.

Noble (NYSE:NE - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The company reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.15 by ($0.14). The firm had revenue of $719.69 million for the quarter, compared to analysts' expectations of $697.98 million. Noble had a net margin of 4.88% and a return on equity of 1.93%. The firm's quarterly revenue was down 15.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.27 EPS. On average, analysts expect that Noble will post 0.76 earnings per share for the current year.

Insider Activity at Noble

In related news, SVP Blake Denton sold 30,000 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $49.31, for a total transaction of $1,479,300.00. Following the sale, the senior vice president owned 29,927 shares of the company's stock, valued at approximately $1,475,700.37. This represents a 50.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Al J. Hirshberg sold 5,000 shares of the firm's stock in a transaction on Friday, May 15th. The shares were sold at an average price of $52.62, for a total transaction of $263,100.00. Following the completion of the transaction, the director directly owned 27,803 shares of the company's stock, valued at approximately $1,462,993.86. The trade was a 15.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 125,724 shares of company stock valued at $6,049,266 in the last quarter. 1.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Noble

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NE. Versant Capital Management Inc boosted its position in shares of Noble by 44.4% during the 2nd quarter. Versant Capital Management Inc now owns 1,243 shares of the company's stock valued at $46,000 after acquiring an additional 382 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Noble by 819.1% in the second quarter. EverSource Wealth Advisors LLC now owns 2,601 shares of the company's stock worth $69,000 after purchasing an additional 2,318 shares during the last quarter. Parallel Advisors LLC raised its stake in Noble by 43.7% in the first quarter. Parallel Advisors LLC now owns 2,693 shares of the company's stock valued at $132,000 after purchasing an additional 819 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in Noble in the first quarter valued at approximately $218,000. Finally, Strs Ohio bought a new stake in Noble during the first quarter valued at approximately $142,000. 68.14% of the stock is currently owned by hedge funds and other institutional investors.

Noble Company Profile

Noble NYSE: NE is an offshore drilling company that provides drilling services to the global oil and gas industry. The firm operates a fleet of mobile offshore drilling units and delivers contract drilling solutions for exploration and production activities. Its core business centers on executing drilling programs for upstream energy companies across a range of water depths and operating environments.

Products and services include the operation and management of offshore drilling rigs — such as drillships, semisubmersibles and jackups — along with associated technical, engineering and project management services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.