Private Management Group Inc. Makes New Investment in Noble Corporation PLC $NE

Private Management Group Inc. acquired a new stake in Noble Corporation PLC (NYSE:NE) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 206,487 shares of the company’s stock, valued at approximately $8,619,000. Private Management Group Inc. owned approximately 0.13% of Noble at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Arizona State Retirement System grew its stake in shares of Noble by 0.7% during the second quarter. Arizona State Retirement System now owns 35,142 shares of the company’s stock worth $1,311,000 after purchasing an additional 237 shares in the last quarter. Versant Capital Management Inc lifted its holdings in Noble by 44.4% during the 2nd quarter. Versant Capital Management Inc now owns 1,243 shares of the company’s stock worth $46,000 after buying an additional 382 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Noble by 20.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 3,080 shares of the company’s stock worth $151,000 after acquiring an additional 521 shares in the last quarter. Cim Investment Management Inc. boosted its position in shares of Noble by 7.4% during the 2nd quarter. Cim Investment Management Inc. now owns 7,562 shares of the company’s stock worth $282,000 after acquiring an additional 522 shares in the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of Noble by 43.7% during the 1st quarter. Parallel Advisors LLC now owns 2,693 shares of the company’s stock worth $132,000 after acquiring an additional 819 shares in the last quarter. 68.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

NE has been the topic of several research analyst reports. Weiss Ratings lowered Noble from a “hold (c)” rating to a “sell (d+)” rating in a research report on Wednesday, November 4th. Wall Street Zen downgraded Noble from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Noble Financial began coverage on shares of Noble in a research note on Thursday, October 29th. They issued an “outperform” rating on the stock. Susquehanna raised their price objective on shares of Noble from $44.00 to $46.00 and gave the stock a “neutral” rating in a report on Wednesday, October 28th. Finally, Citigroup raised their price objective on shares of Noble from $50.00 to $52.00 and gave the stock a “neutral” rating in a report on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $46.57.

Noble Stock Performance

Shares of NE stock opened at $41.17 on Wednesday. The stock’s 50-day moving average is $44.01 and its two-hundred day moving average is $44.72. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.44. Noble Corporation PLC has a 1 year low of $27.67 and a 1 year high of $54.98.

Noble (NYSE:NE) last posted its earnings results on Monday, October 26th. The company reported ($0.57) earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.80). Noble had a net margin of 1.79% and a negative return on equity of 0.76%. The firm had revenue of $728.76 million during the quarter, compared to analysts’ expectations of $713.82 million. During the same period in the previous year, the firm posted ($0.13) earnings per share. The firm’s revenue for the quarter was down 8.6% on a year-over-year basis. As a group, sell-side analysts forecast that Noble Corporation PLC will post 0.11 earnings per share for the current year.

Noble Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 17th. Shareholders of record on Wednesday, November 25th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, November 25th. This represents a $2.00 annualized dividend and a yield of 4.9%. Noble’s payout ratio is 606.06%.

Noble Company Profile

Noble Corporation plc, operating as Noble (NYSE: NE), provides contract drilling services to the offshore oil and gas industry. The company owns and operates a fleet of mobile offshore drilling units, including drillships, semisubmersible rigs and jackup rigs, and provides related services to energy companies exploring for and producing oil and natural gas. Noble serves customers in offshore markets around the world. Its operations support drilling in a range of water depths and environments, from shallow-water projects to deepwater and ultra-deepwater developments.