Noble Corporation (NYSE:NE) Downgraded to Hold at Societe Generale

Noble Corporation (NYSE:NE) was downgraded by research analysts at Societe Generale from a “buy” rating to a “hold” rating in a report issued on Monday, August 7th, MarketBeat reports.

Other equities analysts also recently issued research reports about the stock. Jefferies Group LLC set a $7.00 target price on shares of Noble Corporation and gave the stock a “buy” rating in a report on Wednesday, May 24th. Credit Suisse Group reissued a “buy” rating and issued a $10.00 target price on shares of Noble Corporation in a report on Friday, April 21st. Barclays PLC lowered their target price on shares of Noble Corporation from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Monday, May 1st. Deutsche Bank AG boosted their target price on shares of Noble Corporation from $6.00 to $7.00 and gave the stock a “hold” rating in a report on Monday, May 8th. Finally, Seaport Global Securities downgraded shares of Noble Corporation from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $5.00 to $3.50 in a report on Wednesday, June 21st. Seven equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Noble Corporation currently has a consensus rating of “Hold” and a consensus price target of $6.10.

Noble Corporation (NYSE:NE) traded up 2.21% during mid-day trading on Monday, reaching $3.24. 7,501,319 shares of the company’s stock traded hands. The company’s market cap is $793.49 million. Noble Corporation has a 12-month low of $3.15 and a 12-month high of $8.37. The stock has a 50 day moving average of $3.75 and a 200 day moving average of $4.99.

Noble Corporation (NYSE:NE) last released its earnings results on Thursday, August 3rd. The oil and gas company reported ($0.31) EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $284.99 million. During the same quarter in the previous year, the firm earned $0.01 earnings per share. The company’s quarterly revenue was down 68.9% compared to the same quarter last year. On average, equities research analysts predict that Noble Corporation will post ($1.25) earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. boosted its position in Noble Corporation by 323.4% in the first quarter. Russell Investments Group Ltd. now owns 726,384 shares of the oil and gas company’s stock worth $4,498,000 after buying an additional 554,833 shares during the last quarter. BNP Paribas Arbitrage SA boosted its position in Noble Corporation by 3.2% in the first quarter. BNP Paribas Arbitrage SA now owns 165,062 shares of the oil and gas company’s stock worth $1,022,000 after buying an additional 5,163 shares during the last quarter. Vanguard Group Inc. boosted its position in Noble Corporation by 0.9% in the first quarter. Vanguard Group Inc. now owns 20,152,512 shares of the oil and gas company’s stock worth $124,744,000 after buying an additional 188,754 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of Noble Corporation by 19.6% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 23,166 shares of the oil and gas company’s stock valued at $143,000 after buying an additional 3,803 shares during the last quarter. Finally, LMR Partners LLP acquired a new position in shares of Noble Corporation during the first quarter valued at about $514,000. Hedge funds and other institutional investors own 96.83% of the company’s stock.

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.

Analyst Recommendations for Noble Corporation (NYSE:NE)

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