Noble (NE) Bond Prices Rise 1.1%

An issue of Noble Corporation (NYSE:NE) bonds rose 1.1% as a percentage of their face value during trading on Friday. The debt issue has a 6.2% coupon and is set to mature on August 1, 2040. The bonds in the issue are now trading at $68.63 and were trading at $66.50 last week. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.

A number of equities analysts have recently commented on NE shares. Argus reaffirmed a “sell” rating and set a $6.00 target price on shares of Noble in a research report on Friday, August 18th. Royal Bank Of Canada raised shares of Noble from an “underperform” rating to a “sector perform” rating and set a $5.00 target price on the stock in a research report on Friday, August 25th. ValuEngine raised shares of Noble from a “strong sell” rating to a “sell” rating in a research report on Friday, September 1st. Cowen reaffirmed a “hold” rating and set a $3.00 target price on shares of Noble in a research report on Tuesday, September 5th. Finally, UBS raised shares of Noble from a “neutral” rating to a “buy” rating and raised their target price for the stock from $4.00 to $6.00 in a research report on Monday, September 25th. Six analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $5.56.

Shares of Noble Corporation (NE) traded down $0.05 on Friday, reaching $4.10. 3,650,000 shares of the company’s stock traded hands, compared to its average volume of 7,360,000. Noble Corporation has a 52 week low of $3.14 and a 52 week high of $8.37. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.58 and a quick ratio of 1.58.

Noble (NYSE:NE) last announced its earnings results on Thursday, November 2nd. The oil and gas company reported ($0.36) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.36). The company had revenue of $266.20 million during the quarter, compared to the consensus estimate of $269.61 million. Noble had a negative net margin of 136.22% and a negative return on equity of 3.94%. Noble’s revenue was down 30.9% compared to the same quarter last year. During the same period last year, the firm earned ($0.23) earnings per share. equities analysts predict that Noble Corporation will post -1.17 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp raised its holdings in shares of Noble by 31.7% in the second quarter. State Street Corp now owns 22,444,196 shares of the oil and gas company’s stock worth $81,248,000 after buying an additional 5,405,697 shares during the last quarter. Contrarius Investment Management Ltd raised its holdings in shares of Noble by 21.7% in the third quarter. Contrarius Investment Management Ltd now owns 6,631,412 shares of the oil and gas company’s stock worth $30,504,000 after buying an additional 1,184,494 shares during the last quarter. River & Mercantile Asset Management LLP raised its holdings in shares of Noble by 15.0% in the second quarter. River & Mercantile Asset Management LLP now owns 1,132,617 shares of the oil and gas company’s stock worth $4,094,000 after buying an additional 147,797 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Noble by 112.0% in the second quarter. SG Americas Securities LLC now owns 330,546 shares of the oil and gas company’s stock worth $1,197,000 after buying an additional 174,656 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Noble by 33.8% in the second quarter. Northern Trust Corp now owns 3,337,639 shares of the oil and gas company’s stock worth $12,082,000 after buying an additional 843,007 shares during the last quarter. Institutional investors own 87.10% 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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