Zacks: Analysts Anticipate Noble Corporation (NE) to Announce -$0.35 EPS

Wall Street analysts expect Noble Corporation (NYSE:NE) to announce earnings of ($0.35) per share for the current quarter, Zacks reports. Five analysts have issued estimates for Noble Corporation’s earnings, with estimates ranging from ($0.41) to ($0.30). Noble Corporation posted earnings per share of ($0.23) during the same quarter last year, which would indicate a negative year-over-year growth rate of 52.2%. The business is expected to report its next earnings results after the market closes on Thursday, November 2nd.

On average, analysts expect that Noble Corporation will report full year earnings of ($1.18) per share for the current fiscal year, with EPS estimates ranging from ($1.32) to ($1.10). For the next financial year, analysts forecast that the firm will report earnings of ($1.40) per share, with EPS estimates ranging from ($1.65) to ($1.11). Zacks’ EPS averages are an average based on a survey of research analysts that follow Noble Corporation.

Noble Corporation (NYSE:NE) last posted its earnings results on Thursday, August 3rd. The oil and gas company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.02. Noble Corporation had a negative net margin of 122.04% and a negative return on equity of 3.19%. The firm had revenue of $278.10 million during the quarter, compared to analyst estimates of $284.99 million. During the same period last year, the firm posted $0.01 earnings per share. Noble Corporation’s revenue for the quarter was down 68.9% compared to the same quarter last year.

Several analysts have issued reports on NE shares. Jefferies Group LLC restated a “buy” rating and issued a $5.50 target price (down from $7.00) on shares of Noble Corporation in a report on Tuesday, July 18th. Argus restated a “sell” rating and issued a $6.00 target price on shares of Noble Corporation in a report on Friday, August 18th. Seaport Global Securities restated a “neutral” rating on shares of Noble Corporation in a report on Monday, August 7th. Royal Bank Of Canada restated a “hold” rating and issued a $5.00 target price on shares of Noble Corporation in a report on Friday, September 1st. Finally, ValuEngine upgraded Noble Corporation from a “strong sell” rating to a “sell” rating in a report on Friday, September 1st. Seven equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $5.80.

A number of institutional investors and hedge funds have recently bought and sold shares of NE. Founders Capital Management lifted its stake in Noble Corporation by 95.9% during the 2nd quarter. Founders Capital Management now owns 30,270 shares of the oil and gas company’s stock worth $110,000 after acquiring an additional 14,820 shares in the last quarter. Pinebridge Investments L.P. acquired a new stake in Noble Corporation in the 2nd quarter valued at about $117,000. Teacher Retirement System of Texas raised its position in Noble Corporation by 16.8% in the 1st quarter. Teacher Retirement System of Texas now owns 19,601 shares of the oil and gas company’s stock valued at $121,000 after purchasing an additional 2,816 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Noble Corporation by 109.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 31,400 shares of the oil and gas company’s stock valued at $125,000 after purchasing an additional 16,400 shares in the last quarter. Finally, Brave Asset Management Inc. raised its position in Noble Corporation by 40.0% in the 2nd quarter. Brave Asset Management Inc. now owns 35,000 shares of the oil and gas company’s stock valued at $127,000 after purchasing an additional 10,000 shares in the last quarter. 95.64% of the stock is currently owned by hedge funds and other institutional investors.

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Noble Corporation (NE) opened at 4.13 on Monday. Noble Corporation has a 12-month low of $3.14 and a 12-month high of $8.37. The stock’s market capitalization is $1.01 billion. The company has a 50 day moving average of $3.83 and a 200-day moving average of $4.30.

Noble Corporation 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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Earnings History and Estimates for Noble Corporation (NYSE:NE)

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