Comerica Bank lessened its position in Noble Co. PLC (NYSE:NE) by 3.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 248,707 shares of the oil and gas company’s stock after selling 8,609 shares during the quarter. Comerica Bank owned 0.10% of Noble worth $450,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Hellman Jordan Management Co. Inc. MA bought a new position in Noble in the first quarter valued at $29,000. Evergreen Capital Management LLC bought a new position in Noble in the first quarter valued at $31,000. Fiera Capital Corp bought a new position in Noble in the first quarter valued at $39,000. Mercer Global Advisors Inc. ADV bought a new position in Noble in the first quarter valued at $56,000. Finally, World Asset Management Inc increased its stake in Noble by 67.8% in the first quarter. World Asset Management Inc now owns 38,717 shares of the oil and gas company’s stock valued at $111,000 after acquiring an additional 15,646 shares during the last quarter. 77.76% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:NE opened at $1.75 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.80. The stock’s 50-day moving average price is $1.62 and its 200-day moving average price is $2.25. Noble Co. PLC has a 12-month low of $0.99 and a 12-month high of $7.44.
Noble (NYSE:NE) last posted its earnings results on Thursday, August 1st. The oil and gas company reported ($0.34) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.45) by $0.11. The company had revenue of $292.90 million during the quarter, compared to analyst estimates of $271.59 million. Noble had a negative net margin of 28.97% and a negative return on equity of 8.14%. Noble’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.49) earnings per share. On average, equities research analysts predict that Noble Co. PLC will post -1.64 earnings per share for the current fiscal year.
A number of research analysts have recently issued reports on the company. Zacks Investment Research cut Noble from a “buy” rating to a “hold” rating and set a $2.25 price objective on the stock. in a research note on Tuesday, June 11th. Bank of America assumed coverage on Noble in a research note on Monday, June 10th. They set an “underperform” rating and a $1.25 price objective on the stock. HSBC set a $3.00 price objective on Noble and gave the company a “buy” rating in a research note on Monday, July 15th. Scotiabank set a $1.00 price objective on Noble and gave the company a “hold” rating in a research note on Monday, August 26th. Finally, SEB Equities cut Noble from a “buy” rating to a “sell” rating and reduced their price objective for the company from $2.80 to $1.50 in a research note on Tuesday, June 18th. Five research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $4.39.
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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