Noble (NE) Bonds Trading 1.3% Higher

An issue of Noble Co. (NYSE:NE) debt rose 1.3% against its face value during trading on Wednesday. The debt issue has a 6.05% coupon and will mature on March 1, 2041. The debt is now trading at $70.94 and was trading at $70.00 last week. Price changes in a company’s debt in credit markets often predict parallel changes in its stock price.

A number of research analysts recently issued reports on the stock. Jefferies Group set a $6.00 price target on shares of Noble and gave the stock a “buy” rating in a research note on Thursday, January 4th. ValuEngine downgraded shares of Noble from a “sell” rating to a “strong sell” rating in a research note on Sunday, December 31st. Royal Bank of Canada set a $5.00 price target on shares of Noble and gave the stock a “hold” rating in a research note on Thursday, December 21st. Zacks Investment Research downgraded shares of Noble from a “buy” rating to a “hold” rating in a research note on Monday, October 23rd. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $2.85 price target on shares of Noble in a research note on Sunday, October 22nd. Six investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $5.33.

Noble Co. (NYSE NE) traded up $0.17 during mid-day trading on Wednesday, reaching $5.32. 9,566,600 shares of the company’s stock were exchanged, compared to its average volume of 7,570,000. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 0.64. Noble Co. has a 12 month low of $3.14 and a 12 month high of $7.80. The firm has a market capitalization of $1,260.00, a PE ratio of -0.73 and a beta of 2.34.

Noble (NYSE:NE) last released its quarterly earnings data on Thursday, November 2nd. The oil and gas company reported ($0.36) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.36). Noble had a negative net margin of 136.22% and a negative return on equity of 3.94%. The company had revenue of $266.20 million for the quarter, compared to analysts’ expectations of $269.61 million. During the same quarter last year, the company earned ($0.23) earnings per share. The firm’s revenue for the quarter was down 30.9% on a year-over-year basis. equities analysts predict that Noble Co. will post -1.18 EPS for the current year.

Institutional investors have recently made changes to their positions in the company. Schroder Investment Management Group increased its holdings in shares of Noble by 159.0% in the 3rd quarter. Schroder Investment Management Group now owns 1,408,446 shares of the oil and gas company’s stock valued at $6,395,000 after acquiring an additional 864,600 shares during the period. BNP Paribas Arbitrage SA increased its holdings in shares of Noble by 23.0% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 268,117 shares of the oil and gas company’s stock valued at $1,233,000 after acquiring an additional 50,085 shares during the period. State Street Corp increased its holdings in shares of Noble by 31.7% in the 2nd quarter. State Street Corp now owns 22,444,196 shares of the oil and gas company’s stock valued at $81,248,000 after acquiring an additional 5,405,697 shares during the period. Northern Trust Corp increased its holdings in shares of Noble by 33.8% in the 2nd quarter. Northern Trust Corp now owns 3,337,639 shares of the oil and gas company’s stock valued at $12,082,000 after acquiring an additional 843,007 shares during the period. Finally, Contrarius Investment Management Ltd increased its holdings in shares of Noble by 21.7% in the 3rd quarter. Contrarius Investment Management Ltd now owns 6,631,412 shares of the oil and gas company’s stock valued at $30,504,000 after acquiring an additional 1,184,494 shares during the period. 86.80% of the stock is currently owned by institutional investors and hedge funds.

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About Noble

Noble Corporation is an offshore drilling contractor for the oil and gas industry. The Company performs contract drilling services with its fleet of 79 mobile offshore drilling units and one floating production storage and offloading unit (NYSE:NE) located globally.

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