Noble (NYSE:NE) Upgraded to Hold at Zacks Research

Key Points

• Zacks Research upgraded Noble from a “strong sell” to a “hold,” adding to a broader analyst view that remains cautious but improved. MarketBeat shows the stock’s overall consensus rating is also Hold, with an average price target of $45.38.
• Noble shares were trading around $54.01, near the top of their 52-week range of $22.37 to $54.98. The company also reported better-than-expected quarterly results, with EPS of $0.26 versus estimates of $0.21 and revenue of $785.69 million.
• Recent insider activity has leaned toward selling, including large share sales by SVPs Blake Denton and Caroline Alting. Insiders sold a total of 343,550 shares worth about $16.4 million over the last quarter.

Noble (NYSE:NE - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued on Tuesday,Zacks.com reports.

Other research analysts have also issued research reports about the company. Citigroup raised their price objective on Noble from $50.00 to $52.00 and gave the company a "neutral" rating in a research report on Tuesday, May 5th. BTIG Research lifted their price target on Noble from $35.00 to $42.00 and gave the stock a "buy" rating in a research report on Monday, February 2nd. Wall Street Zen upgraded Noble from a "sell" rating to a "hold" rating in a research report on Saturday, May 2nd. Susquehanna lifted their price target on Noble from $45.00 to $50.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 7th. Finally, JPMorgan Chase & Co. lifted their price target on Noble from $33.00 to $41.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 17th. Two research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $45.38.

Noble Trading Down 0.5%

Shares of NE stock opened at $54.01 on Tuesday. Noble has a 52-week low of $22.37 and a 52-week high of $54.98. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.99 and a current ratio of 1.99. The firm has a market capitalization of $8.62 billion, a PE ratio of 37.77 and a beta of 0.94. The stock has a fifty day simple moving average of $49.31 and a two-hundred day simple moving average of $39.55.

Noble (NYSE:NE - Get Free Report) last issued its quarterly earnings results on Monday, April 27th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.21 by $0.05. Noble had a return on equity of 2.32% and a net margin of 7.17%.The business had revenue of $785.69 million during the quarter, compared to analyst estimates of $730.47 million. During the same quarter in the prior year, the business posted $0.26 EPS. Noble's revenue for the quarter was down 10.1% compared to the same quarter last year. On average, analysts predict that Noble will post 0.93 EPS for the current fiscal year.

Insider Activity at Noble

In other news, SVP Blake Denton sold 30,000 shares of the company's stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $49.31, for a total transaction of $1,479,300.00. Following the transaction, the senior vice president directly owned 29,927 shares of the company's stock, valued at approximately $1,475,700.37. This represents a 50.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Caroline Alting sold 15,340 shares of the business's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $52.75, for a total transaction of $809,185.00. Following the sale, the senior vice president directly owned 8,170 shares in the company, valued at $430,967.50. This trade represents a 65.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 343,550 shares of company stock valued at $16,366,436 over the last quarter. 1.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Noble

Hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC raised its position in shares of Noble by 20.4% in the first quarter. EverSource Wealth Advisors LLC now owns 3,080 shares of the company's stock worth $151,000 after acquiring an additional 521 shares during the period. Westside Investment Management Inc. raised its holdings in Noble by 156.4% in the 3rd quarter. Westside Investment Management Inc. now owns 864 shares of the company's stock valued at $25,000 after acquiring an additional 527 shares during the last quarter. GAMMA Investing LLC raised its holdings in Noble by 77.8% in the 4th quarter. GAMMA Investing LLC now owns 1,440 shares of the company's stock valued at $41,000 after acquiring an additional 630 shares during the last quarter. Parallel Advisors LLC raised its holdings in Noble by 43.7% in the 1st quarter. Parallel Advisors LLC now owns 2,693 shares of the company's stock valued at $132,000 after acquiring an additional 819 shares during the last quarter. Finally, Janney Montgomery Scott LLC purchased a new stake in shares of Noble in the 1st quarter valued at approximately $218,000. 68.14% of the stock is 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.