Noble (NYSE:NE) Posts Earnings Results, Misses Expectations By $0.80 EPS

Noble (NYSE:NE) issued its quarterly earnings results on Monday. The company reported ($0.57) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.80), Zacks reports. The company had revenue of $728.76 million during the quarter, compared to the consensus estimate of $713.82 million. Noble had a return on equity of 1.93% and a net margin of 4.88%. During the same quarter last year, the firm posted ($0.13) EPS.

Noble Stock Performance

NYSE:NE traded up $0.32 during trading hours on Monday, reaching $48.02. 1,815,449 shares of the stock were exchanged, compared to its average volume of 1,636,896. The stock has a market capitalization of $7.67 billion, a P/E ratio of 51.63 and a beta of 1.00. The firm has a 50 day simple moving average of $44.42 and a 200-day simple moving average of $44.98. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.42. Noble has a 52 week low of $27.67 and a 52 week high of $54.98.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on NE shares. Zacks Research upgraded shares of Noble from a “strong sell” rating to a “hold” rating in a research note on Friday, October 9th. Weiss Ratings reissued a “hold (c)” rating on shares of Noble in a report on Thursday. Barclays dropped their target price on shares of Noble from $55.00 to $53.00 and set an “overweight” rating for the company in a research report on Thursday, July 30th. Citigroup restated a “neutral” rating on shares of Noble in a research note on Monday, September 7th. Finally, Fearnley Fonds upgraded shares of Noble from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Noble presently has an average rating of “Hold” and a consensus target price of $45.29.

Noble Company Profile

Noble Corporation plc (NYSE: NE) is an offshore drilling contractor that provides drilling services to the global oil and gas industry. The company operates a fleet of offshore drilling units, including drillships, semisubmersible rigs and jackup rigs, which are used to explore for and develop oil and natural gas reserves beneath the seabed.

Noble’s services include contract drilling, well planning, project management and other related support services. Its drilling units are designed to operate in a range of offshore environments, including deepwater and harsh-environment locations.