Noble Co. PLC (NYSE:NE) was the target of a significant decline in short interest during the month of June. As of June 15th, there was short interest totalling 26,201,500 shares, a decline of 23.2% from the May 15th total of 34,116,500 shares. Based on an average daily volume of 5,460,000 shares, the days-to-cover ratio is currently 4.8 days. Approximately 10.7% of the company’s stock are short sold.
A number of hedge funds and other institutional investors have recently bought and sold shares of NE. Norges Bank acquired a new position in Noble during the fourth quarter valued at $9,114,000. Van ECK Associates Corp lifted its position in Noble by 62.6% during the fourth quarter. Van ECK Associates Corp now owns 4,721,182 shares of the oil and gas company’s stock valued at $12,369,000 after purchasing an additional 1,817,440 shares during the period. Bank of America Corp DE lifted its position in Noble by 722.2% during the fourth quarter. Bank of America Corp DE now owns 1,539,800 shares of the oil and gas company’s stock valued at $4,035,000 after purchasing an additional 1,352,522 shares during the period. River & Mercantile Asset Management LLP lifted its position in Noble by 61.8% during the fourth quarter. River & Mercantile Asset Management LLP now owns 2,885,147 shares of the oil and gas company’s stock valued at $7,545,000 after purchasing an additional 1,101,752 shares during the period. Finally, Penn Capital Management Co. Inc. lifted its position in Noble by 54.1% during the fourth quarter. Penn Capital Management Co. Inc. now owns 2,903,867 shares of the oil and gas company’s stock valued at $8,203,000 after purchasing an additional 1,019,500 shares during the period. Institutional investors own 80.91% of the company’s stock.
Several research firms have issued reports on NE. Zacks Investment Research lowered shares of Noble from a “buy” rating to a “hold” rating and set a $2.25 price target on the stock. in a report on Tuesday, June 11th. ValuEngine lowered shares of Noble from a “hold” rating to a “sell” rating in a report on Thursday, June 13th. Bank of America began coverage on shares of Noble in a report on Monday, June 10th. They issued an “underperform” rating and a $1.25 price target on the stock. SEB Equities lowered shares of Noble from a “buy” rating to a “sell” rating and cut their price target for the stock from $2.80 to $1.50 in a report on Tuesday, June 18th. Finally, Goldman Sachs Group began coverage on shares of Noble in a report on Sunday, March 10th. They issued a “neutral” rating and a $3.50 price target on the stock. Six investment analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the stock. Noble presently has an average rating of “Hold” and a consensus target price of $4.96.
Shares of NE traded up $0.03 during trading hours on Thursday, reaching $1.79. 4,751,800 shares of the company traded hands, compared to its average volume of 4,947,220. The company has a market capitalization of $408.61 million, a PE ratio of -0.97 and a beta of 2.65. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.77. Noble has a 12-month low of $1.50 and a 12-month high of $7.44. The stock has a fifty day simple moving average of $1.98.
Noble (NYSE:NE) last announced its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported ($0.37) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.05. The firm had revenue of $282.90 million for the quarter, compared to analyst estimates of $273.22 million. Noble had a negative net margin of 71.96% and a negative return on equity of 8.75%. The business’s quarterly revenue was up 20.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.55) earnings per share. On average, analysts anticipate that Noble will post -1.73 EPS for the current fiscal year.
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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