Noble (NE) Bonds Trading 2.1% Lower

An issue of Noble Co. (NYSE:NE) bonds fell 2.1% as a percentage of their face value during trading on Friday. The high-yield issue of debt has a 7.75% coupon and will mature on January 15, 2024. The bonds in the issue are now trading at $94.75 and were trading at $95.85 last week. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its share price.

NE has been the subject of several analyst reports. Royal Bank of Canada set a $5.00 price objective on Noble and gave the stock a “hold” rating in a research report on Thursday, December 21st. Zacks Investment Research downgraded Noble from a “hold” rating to a “sell” rating in a research report on Tuesday, January 16th. Jefferies Group set a $6.00 price objective on Noble and gave the stock a “buy” rating in a research report on Thursday, January 4th. Argus upgraded Noble from a “hold” rating to a “buy” rating in a research report on Tuesday, March 13th. Finally, ValuEngine downgraded Noble from a “sell” rating to a “strong sell” rating in a research report on Friday, February 2nd. Five analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $4.72.

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NYSE:NE traded down $0.09 during midday trading on Friday, hitting $4.76. 5,769,696 shares of the stock were exchanged, compared to its average volume of 6,853,424. Noble Co. has a one year low of $3.14 and a one year high of $5.80. The stock has a market cap of $1,182.06, a price-to-earnings ratio of -4.18 and a beta of 2.20. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.75 and a quick ratio of 1.75.

Noble (NYSE:NE) last announced its earnings results on Wednesday, February 21st. The oil and gas company reported ($0.29) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.33) by $0.04. Noble had a negative return on equity of 4.61% and a negative net margin of 41.76%. The firm had revenue of $329.59 million for the quarter, compared to analysts’ expectations of $285.67 million. During the same quarter in the previous year, the company earned ($0.15) earnings per share. The firm’s quarterly revenue was down 19.6% compared to the same quarter last year. sell-side analysts expect that Noble Co. will post -1.83 EPS for the current year.

A number of large investors have recently made changes to their positions in NE. Mountain Lake Investment Management LLC increased its holdings in shares of Noble by 114.3% in the fourth quarter. Mountain Lake Investment Management LLC now owns 1,350,000 shares of the oil and gas company’s stock valued at $6,102,000 after buying an additional 720,000 shares in the last quarter. Q Global Advisors LLC increased its holdings in shares of Noble by 9,900.0% in the fourth quarter. Q Global Advisors LLC now owns 100,000 shares of the oil and gas company’s stock valued at $451,000 after buying an additional 99,000 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Noble by 1,869.4% in the fourth quarter. Millennium Management LLC now owns 449,044 shares of the oil and gas company’s stock valued at $2,030,000 after buying an additional 426,243 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of Noble by 45.5% in the fourth quarter. Deutsche Bank AG now owns 2,895,081 shares of the oil and gas company’s stock valued at $13,082,000 after buying an additional 905,521 shares in the last quarter. Finally, AMP Capital Investors Ltd bought a new position in shares of Noble in the fourth quarter valued at $683,000. 87.75% of the stock is currently owned by hedge funds and other institutional investors.

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Noble Company Profile

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, 2017, the company operated a fleet of 8 drill ships, 6 semisubmersibles, and 14 jack ups. Noble Corporation plc was founded in 1921 and is headquartered in London, the United Kingdom.

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