Global Hunter Securities Analysts Downgrade Noble Corp (NE) Shares to "Neutral"
Thursday, July 07, 2021 11:00 AM

Equities research analysts at Global Hunter Securities downgraded shares of Noble Corp (NYSE: NE) from a "buy" rating to a "neutral" rating in a research note to investors on Thursday. The analysts currently have a $33.00 price target on the stock.

Separately, analysts at RBC Capital (NYSE: RY) cut their price target on shares of Noble Corp from $50.00 to $44.00 in a research note to investors on Thursday. They now have an "outperform" rating on the stock. Also, analysts at Morgan Keegan upgraded shares of Noble Corp from a "market perform" rating to an "outperform" rating in a research note to investors on Friday, June 10th. They now have a $48.00 price target on the stock.

Shares of Noble Corp traded down 0.89% during mid-day trading on Friday, hitting $38.01. Noble Corp has a 52 week low of $26.23 and a 52 week high of $46.72. The stock's 50-day moving average is $39.48 and its 200-day moving average is $40.45. The company has a market cap of $9.585 billion and a price-to-earnings ratio of 21.47.

Noble Corp last announced its quarterly results on Wednesday, April 20th. The company reported $0.15 earnings per share (EPS) for the previous quarter, missing the Thomson Reuters consensus estimate of $0.17 EPS by $0.02. During the same quarter in the prior year, the company posted $1.43 earnings per share. The company’s quarterly revenue was down 31.20% on a year-over-year basis. On average, analysts predict that Noble Corp will post $0.68 EPS next quarter.

Noble Corporation (Noble) is an offshore drilling contractor for the oil and gas industry. The Company performs contract drilling services with its fleet of 62 mobile offshore drilling units. This fleet consists of 13 semisubmersibles, four drillships, 43 jackups and two submersibles. The fleet count includes two units under construction: one ultra-deepwater, Globetrotter-class drillship, and one deepwater semisubmersible. As of January 28, 2010, approximately 87% of the Company’s fleet was deployed in the Middle East, India, Mexico, the North Sea, Brazil and West Africa. On March 26, 2009, pursuant to the previously announced Agreement and Plan of Merger, Reorganization and Consolidation, dated as of December 19, 2008, among Noble-Swiss, Noble-Cayman, and Noble Cayman Acquisition Ltd., a Cayman Islands company and a wholly owned subsidiary of Noble-Swiss (Noble-Acquisition), Noble-Cayman merged with Noble-Acquisition, with Noble-Cayman as the surviving company (the Transaction).

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