Noble (NYSE:NE) Stock Price Up 5.8% - Here's Why

Key Points

• Noble shares rose 5.8% in Friday trading to around $46.58, although volume was 94% below the average session volume.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $45.29; targets ranged from $44 to $53.
• Noble reported quarterly earnings of $0.01 per share, missing estimates of $0.15, while revenue exceeded forecasts at $719.69 million but declined 15.2% year over year. The company also paid a $0.50 quarterly dividend, equating to a 4.2% yield.

Noble Corporation PLC (NYSE:NE - Get Free Report)'s share price was up 5.8% during mid-day trading on Friday. The company traded as high as $45.27 and last traded at $46.5780. Approximately 98,543 shares were traded during trading, a decline of 94% from the average session volume of 1,634,318 shares. The stock had previously closed at $44.01.

Wall Street Analysts Forecast Growth

NE has been the subject of several analyst reports. Susquehanna raised their target price on shares of Noble from $40.00 to $44.00 and gave the stock a "neutral" rating in a report on Monday, October 5th. Citigroup reaffirmed a "neutral" rating on shares of Noble in a report on Monday, September 7th. Wall Street Zen downgraded Noble from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Barclays reduced their price objective on Noble from $55.00 to $53.00 and set an "overweight" rating for the company in a research note on Thursday, July 30th. Finally, Fearnley Fonds raised shares of Noble from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $45.29.

Noble Stock Up 8.4%

The business has a fifty day simple moving average of $44.36 and a two-hundred day simple moving average of $45.00. The company has a current ratio of 1.91, a quick ratio of 1.91 and a debt-to-equity ratio of 0.42. The company has a market cap of $7.61 billion, a PE ratio of 51.05 and a beta of 1.00.

Noble (NYSE:NE - Get Free Report) last posted its quarterly 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 for 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 business's revenue was down 15.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.27 earnings per share. As a group, equities research analysts predict that Noble Corporation PLC will post 0.47 earnings per share for the current year.

Noble Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 24th. Stockholders of record on Thursday, September 3rd were given a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, September 3rd. This represents a $2.00 annualized dividend and a dividend yield of 4.2%. Noble's payout ratio is presently 215.05%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. MassMutual Private Wealth & Trust FSB purchased a new position in Noble during the third quarter worth about $40,000. Versant Capital Management Inc increased its stake in shares of Noble by 44.4% during the second quarter. Versant Capital Management Inc now owns 1,243 shares of the company's stock worth $46,000 after buying an additional 382 shares during the period. Parallel Advisors LLC increased its position in shares of 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 purchasing an additional 819 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Noble by 20.4% in the first quarter. EverSource Wealth Advisors LLC now owns 3,080 shares of the company's stock valued at $151,000 after buying an additional 521 shares during the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Noble during the 2nd quarter worth about $118,000. 68.14% of the stock is currently owned by hedge funds and other institutional investors.

About Noble

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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