Noble (NE) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Noble (NYSE:NE) from a hold rating to a sell rating in a report released on Tuesday.

According to Zacks, “In this depressed pricing market, Noble Corporation faces uncertainty over its new contract flows and the dayrates. Oversupply of rigs is another major concern at a time when all contractors are cutting on their expenses. Additionally, the currently challenged offshore drilling space limits any potential upside. The recent early termination of rig contracts as well as cold stacking of rigs is likely to impact the company’s contract drilling revenues and costs going forward. The company’s high level of debt is a concern.  Noble is also facing pressure on top line as its total revenues declined at a CAGR of 15.6% over the past three years (2014–2016).”

NE has been the subject of several other research reports. Piper Jaffray Companies reaffirmed a hold rating and set a $2.85 target price on shares of Noble in a research note on Sunday, October 22nd. Royal Bank of Canada set a $5.00 target price on Noble and gave the stock a hold rating in a research note on Thursday, December 21st. Deutsche Bank started coverage on Noble in a research note on Tuesday, October 10th. They set a hold rating and a $4.00 target price for the company. ValuEngine cut Noble from a sell rating to a strong sell rating in a research note on Sunday, December 31st. Finally, Cowen set a $3.00 target price on Noble and gave the stock a hold rating in a research note on Wednesday, October 18th. Eight research analysts have rated the stock with a sell rating, sixteen have given a hold rating and four have given a buy rating to the company’s stock. Noble currently has an average rating of Hold and an average target price of $5.41.

Shares of Noble (NYSE:NE) traded up $0.10 on Tuesday, hitting $5.10. The stock had a trading volume of 10,186,736 shares, compared to its average volume of 10,091,146. Noble has a 52 week low of $3.14 and a 52 week high of $7.76. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $1,220.00, a P/E ratio of -0.70 and a beta of 2.34.

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

Hedge funds have recently bought and sold shares of the company. Cubist Systematic Strategies LLC bought a new position in shares of Noble in the third quarter valued at approximately $102,000. Pinebridge Investments L.P. bought a new position in shares of Noble in the second quarter valued at approximately $117,000. Sanders Morris Harris LLC bought a new position in shares of Noble in the third quarter valued at approximately $161,000. BlueCrest Capital Management Ltd lifted its holdings in shares of Noble by 179.0% in the second quarter. BlueCrest Capital Management Ltd now owns 42,652 shares of the oil and gas company’s stock valued at $154,000 after purchasing an additional 27,365 shares in the last quarter. Finally, OxFORD Asset Management LLP bought a new position in shares of Noble in the third quarter valued at approximately $219,000. Institutional investors own 86.98% of the company’s stock.

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Noble Company Profile

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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