Brokerages expect Noble Co. PLC (NYSE:NE) to post $262.56 million in sales for the current fiscal quarter, according to Zacks Investment Research. Six analysts have made estimates for Noble’s earnings, with the lowest sales estimate coming in at $257.00 million and the highest estimate coming in at $276.40 million. Noble reported sales of $279.41 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 6%. The business is scheduled to announce its next quarterly earnings report on Wednesday, October 30th.
According to Zacks, analysts expect that Noble will report full year sales of $1.11 billion for the current year, with estimates ranging from $1.07 billion to $1.13 billion. For the next year, analysts anticipate that the business will post sales of $1.26 billion, with estimates ranging from $1.16 billion to $1.34 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Noble.
Noble (NYSE:NE) last released 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. The firm had revenue of $292.90 million during the quarter, compared to the consensus estimate 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 was up 13.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.49) earnings per share.
A number of research analysts have weighed in on the stock. SEB Equities cut shares of Noble from a “buy” rating to a “sell” rating and reduced their price target for the company from $2.80 to $1.50 in a research report on Tuesday, June 18th. Barclays set a $3.00 price target on shares of Noble and gave the company a “sell” rating in a research report on Friday, May 3rd. HSBC set a $3.00 price target on shares of Noble and gave the company a “buy” rating in a research report on Monday, July 15th. Bank of America initiated coverage on shares of Noble in a research report on Monday, June 10th. They set an “underperform” rating and a $1.25 target price on the stock. Finally, ValuEngine raised shares of Noble from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Five investment analysts have rated the stock with a sell rating, twelve have given a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $4.65.
NE stock traded down $0.19 during midday trading on Friday, reaching $1.02. 364,032 shares of the company’s stock traded hands, compared to its average volume of 5,848,666. The company has a market cap of $298.98 million, a P/E ratio of -0.55 and a beta of 2.51. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.63 and a quick ratio of 0.63. Noble has a fifty-two week low of $1.20 and a fifty-two week high of $7.44. The stock’s 50-day simple moving average is $1.82.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Hellman Jordan Management Co. Inc. MA acquired a new position in shares of Noble during the 1st quarter worth approximately $29,000. Bank of America Corp DE lifted its position in shares of Noble by 722.2% during the 4th quarter. Bank of America Corp DE now owns 1,539,800 shares of the oil and gas company’s stock worth $4,035,000 after buying an additional 1,352,522 shares during the last quarter. KBC Group NV bought a new position in Noble in the second quarter valued at about $472,000. Norges Bank bought a new position in Noble in the fourth quarter valued at about $9,114,000. Finally, Fiera Capital Corp bought a new position in Noble in the first quarter valued at about $39,000. 79.05% of the stock is currently owned by institutional investors and hedge funds.
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, 2018, the company operated a fleet of 24 drilling rigs consisted of 8 drill ships, 4 semisubmersibles, and 12 jack ups.
See Also: Return on Equity (ROE)
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