The Noble Corp. (NE) Rating Increased to Hold at The Zacks Investment Research

The Noble Corp. (NE) Rating Increased to Hold at The Zacks Investment Research

Noble Corp. (NYSE:NE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday.

According to Zacks, “Noble Corporation's robust portfolio of assets, long-term commitments and strong backlog offer some relief in the currently weak pricing scenario. In particular, the company’s strong operational execution and cost-management efforts are noteworthy. However, uncertainty lingers over new contract flows and dayrates. Also, Noble Corp. has a large number of rigs coming off contracts and securing new contracts for those could be a challenge in the present conditions. Further, the oversupplied rig market remains a challenge for offshore drilling firms. So, until the uncertainty and volatility in oil prices subside, we see limited upside for NE shares from current levels.”

Several other research analysts also recently weighed in on the company. Credit Suisse Group AG reiterated a “buy” rating and issued a $10.00 target price on shares of Noble Corp. in a research note on Thursday, September 1st. Goldman Sachs Group Inc. upgraded Noble Corp. from a “sell” rating to a “neutral” rating and set a $4.00 target price on the stock in a research note on Wednesday, September 21st. Vetr downgraded Noble Corp. from a “strong-buy” rating to a “buy” rating and set a $7.10 target price on the stock. in a research note on Thursday, September 8th. Jefferies Group lowered their target price on Noble Corp. from $7.50 to $6.00 and set a “hold” rating on the stock in a research note on Wednesday, September 28th. Finally, Howard Weil started coverage on Noble Corp. in a research note on Wednesday, September 14th. They issued a “sector perform” rating and a $6.50 target price on the stock. Seven research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $8.43.

Shares of Noble Corp. (NYSE:NE) opened at 5.29 on Thursday. Noble Corp. has a 52-week low of $5.09 and a 52-week high of $14.64. The stock’s 50 day moving average is $5.79 and its 200 day moving average is $7.74. The company has a market cap of $1.29 billion, a PE ratio of 2.20 and a beta of 2.09.

Several large investors have recently modified their holdings of NE. Oakbrook Investments LLC bought a new stake in shares of Noble Corp. during the second quarter valued at $182,000. LS Investment Advisors LLC increased its stake in shares of Noble Corp. by 77.4% in the second quarter. LS Investment Advisors LLC now owns 14,861 shares of the company’s stock valued at $122,000 after buying an additional 6,483 shares during the last quarter. IBM Retirement Fund increased its stake in shares of Noble Corp. by 0.3% in the second quarter. IBM Retirement Fund now owns 24,435 shares of the company’s stock valued at $201,000 after buying an additional 82 shares during the last quarter. Bollard Group LLC increased its stake in shares of Noble Corp. by 5.0% in the second quarter. Bollard Group LLC now owns 87,289 shares of the company’s stock valued at $719,000 after buying an additional 4,169 shares during the last quarter. Finally, First Quadrant L P CA increased its stake in shares of Noble Corp. by 4.9% in the second quarter. First Quadrant L P CA now owns 750,498 shares of the company’s stock valued at $6,184,000 after buying an additional 35,000 shares during the last quarter. 90.75% of the stock is owned by institutional investors.

Noble Corp. Company Profile

Noble Corporation is an offshore drilling contractor for the oil and gas industry. The Company performs contract drilling services with its fleet of 79 mobile offshore drilling units and one floating production storage and offloading unit (NYSE:NE) located globally.

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