Noble (NYSE:NE) Given a $6.00 Price Target by Jefferies Group Analysts

Noble (NYSE:NE) has been assigned a $6.00 price target by Jefferies Group in a research report issued to clients and investors on Thursday, January 4th. The firm presently has a “buy” rating on the oil and gas company’s stock. Jefferies Group’s target price would suggest a potential upside of 5.26% from the stock’s current price.

A number of other research analysts have also weighed in on NE. UBS Group raised shares of Noble from a “neutral” rating to a “buy” rating and raised their price target for the company from $4.00 to $6.00 in a research note on Monday, September 25th. ValuEngine lowered shares of Noble from a “sell” rating to a “strong sell” rating in a research note on Sunday, December 31st. Cowen set a $3.00 price target on shares of Noble and gave the company a “hold” rating in a research note on Wednesday, October 18th. Royal Bank of Canada set a $5.00 price target on shares of Noble and gave the company a “hold” rating in a research note on Saturday, October 7th. Finally, Zacks Investment Research lowered shares of Noble from a “buy” rating to a “hold” rating in a research note on Monday, October 23rd. Seven research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and five have given a buy rating to the stock. Noble currently has a consensus rating of “Hold” and a consensus target price of $5.33.

Noble (NYSE:NE) traded up $0.38 during mid-day trading on Thursday, hitting $5.70. 8,144,120 shares of the stock traded hands, compared to its average volume of 9,010,343. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.58 and a current ratio of 1.58. Noble has a twelve month low of $3.14 and a twelve month high of $7.80. The stock has a market cap of $1,300.00, a price-to-earnings ratio of -0.78 and a beta of 2.34.

Noble (NYSE:NE) last posted its earnings results on Thursday, November 2nd. The oil and gas company reported ($0.36) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.36). The business had revenue of $266.20 million for the quarter, compared to analyst estimates of $269.61 million. Noble had a negative net margin of 136.22% and a negative return on equity of 3.94%. The company’s revenue for the quarter was down 30.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.23) EPS. research analysts expect that Noble will post -1.18 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in NE. Schwab Charles Investment Management Inc. increased its holdings in shares of Noble by 53.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,674,562 shares of the oil and gas company’s stock worth $6,062,000 after buying an additional 583,407 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Noble by 25.4% during the 2nd quarter. Arizona State Retirement System now owns 127,650 shares of the oil and gas company’s stock worth $462,000 after buying an additional 25,850 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Noble by 12.4% during the 2nd quarter. Rhumbline Advisers now owns 472,610 shares of the oil and gas company’s stock worth $1,711,000 after buying an additional 51,956 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Noble by 2.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,645,549 shares of the oil and gas company’s stock valued at $20,437,000 after purchasing an additional 145,172 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in Noble by 30.7% in the 2nd quarter. Legal & General Group Plc now owns 1,210,910 shares of the oil and gas company’s stock valued at $4,386,000 after purchasing an additional 284,597 shares during the last quarter. Institutional investors and hedge funds own 86.80% of the company’s stock.

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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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