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BNP Paribas Arbitrage SA Sells 151,738 Shares of Noble Co. PLC (NYSE:NE)

By September 5, 2019 No Comments

BNP Paribas Arbitrage SA lessened its stake in Noble Co. PLC (NYSE:NE) by 80.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 37,804 shares of the oil and gas company’s stock after selling 151,738 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in Noble were worth $71,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Piedmont Investment Advisors Inc. increased its holdings in Noble by 7.0% in the first quarter. Piedmont Investment Advisors Inc. now owns 62,850 shares of the oil and gas company’s stock valued at $180,000 after purchasing an additional 4,123 shares during the last quarter. Comerica Bank increased its holdings in Noble by 2.5% in the first quarter. Comerica Bank now owns 257,316 shares of the oil and gas company’s stock valued at $770,000 after purchasing an additional 6,274 shares during the last quarter. World Asset Management Inc increased its holdings in Noble by 18.0% in the second quarter. World Asset Management Inc now owns 45,695 shares of the oil and gas company’s stock valued at $85,000 after purchasing an additional 6,978 shares during the last quarter. Texas Permanent School Fund increased its holdings in Noble by 4.6% in the first quarter. Texas Permanent School Fund now owns 168,866 shares of the oil and gas company’s stock valued at $485,000 after purchasing an additional 7,367 shares during the last quarter. Finally, Rhumbline Advisers increased its holdings in Noble by 1.3% in the first quarter. Rhumbline Advisers now owns 720,565 shares of the oil and gas company’s stock valued at $2,068,000 after purchasing an additional 9,204 shares during the last quarter. Institutional investors and hedge funds own 76.22% of the company’s stock.

NYSE:NE opened at $1.55 on Wednesday. Noble Co. PLC has a 1 year low of $0.99 and a 1 year high of $7.44. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.80. The stock has a market cap of $384.94 million, a price-to-earnings ratio of -0.84 and a beta of 2.59. The stock has a 50-day moving average price of $1.63 and a two-hundred day moving average price of $2.27.

Noble (NYSE:NE) last posted its earnings results on Thursday, August 1st. The oil and gas company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.11. Noble had a negative return on equity of 8.14% and a negative net margin of 28.97%. The firm had revenue of $292.90 million during the quarter, compared to analysts’ expectations of $271.59 million. During the same period in the previous year, the firm earned ($0.49) earnings per share. The company’s revenue was up 13.4% on a year-over-year basis. Sell-side analysts forecast that Noble Co. PLC will post -1.66 earnings per share for the current year.

A number of research firms recently commented on NE. Bank of America began coverage on Noble in a report on Monday, June 10th. They issued an “underperform” rating and a $1.25 price objective for the company. Scotiabank set a $1.00 price objective on Noble and gave the company a “hold” rating in a report on Monday, August 26th. ValuEngine raised Noble from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research cut Noble from a “buy” rating to a “hold” rating and set a $2.25 target price for the company. in a research note on Tuesday, June 11th. Finally, HSBC set a $3.00 target price on Noble and gave the company a “buy” rating in a research note on Monday, July 15th. Five investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $4.39.

About Noble

Noble Corporation plc operates as an offshore drilling contractor for the oil and gas industry worldwide. It provides contract drilling services using mobile offshore drilling units. As of December 31, 2018, the company operated a fleet of 24 drilling rigs consisted of 8 drill ships, 4 semisubmersibles, and 12 jack ups.

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Institutional Ownership by Quarter for Noble (NYSE:NE)

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