Noble (NYSE:NE) Stock Price Up 4.4% – Should You Buy?

Noble Corporation PLC (NYSE:NE) shares rose 4.4% on Tuesday . The company traded as high as $45.67 and last traded at $45.8130. 192,869 shares were traded during trading, a decline of 89% from the average daily volume of 1,702,492 shares. The stock had previously closed at $43.88.

Analysts Set New Price Targets

NE has been the subject of a number of recent research reports. Zacks Research downgraded shares of Noble from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 22nd. Fearnley Fonds upgraded Noble from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Susquehanna cut their price target on Noble from $55.00 to $40.00 and set a “neutral” rating for the company in a report on Wednesday, July 8th. Barclays reduced their price objective on Noble from $55.00 to $53.00 and set an “overweight” rating on the stock in a research report on Thursday, July 30th. Finally, Wall Street Zen lowered Noble from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Noble presently has an average rating of “Hold” and an average target price of $44.71.

Noble Stock Up 6.2%

The company has a debt-to-equity ratio of 0.42, a current ratio of 1.91 and a quick ratio of 1.91. The business’s 50 day simple moving average is $43.42 and its 200 day simple moving average is $45.77. The company has a market capitalization of $7.44 billion, a PE ratio of 50.11 and a beta of 0.92.

Noble (NYSE:NE) last posted its quarterly earnings results on Monday, July 27th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.14). Noble had a net margin of 4.88% and a return on equity of 1.93%. The firm had revenue of $719.69 million during the quarter, compared to analysts’ expectations of $697.98 million. During the same period last year, the company earned $0.27 EPS. The business’s quarterly revenue was down 15.2% on a year-over-year basis. As a group, analysts anticipate that Noble Corporation PLC will post 0.54 earnings per share for the current fiscal year.

Noble Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 3rd will be issued a $0.50 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $2.00 dividend on an annualized basis and a yield of 4.3%. Noble’s dividend payout ratio is currently 215.05%.

Institutional Investors Weigh In On Noble

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Eagle Investment Management LLC raised its position in Noble by 2.9% in the second quarter. First Eagle Investment Management LLC now owns 13,957,162 shares of the company’s stock valued at $520,602,000 after purchasing an additional 395,316 shares during the period. Bank of America Corp DE grew its holdings in shares of Noble by 101.9% during the 2nd quarter. Bank of America Corp DE now owns 1,347,291 shares of the company’s stock worth $50,254,000 after purchasing an additional 679,981 shares during the period. Mraz Amerine & Associates Inc. grew its holdings in shares of Noble by 2.3% during the 2nd quarter. Mraz Amerine & Associates Inc. now owns 65,934 shares of the company’s stock worth $2,459,000 after purchasing an additional 1,486 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Noble by 2.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 61,266 shares of the company’s stock worth $2,285,000 after purchasing an additional 1,524 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Noble during the 2nd quarter worth about $1,481,000. Institutional investors and hedge funds own 68.14% of the company’s stock.

About Noble

Noble Corporation plc (NYSE:NE) is an offshore drilling contractor that provides services to energy companies involved in the exploration and development of oil and natural gas resources. The company operates a fleet of offshore drilling units, including drillships, semisubmersible rigs and jackup rigs, and performs drilling activities in deepwater, harsh-environment and other offshore settings.

Noble’s services include contract drilling, rig operations and related offshore support for exploration and production programs.