The stock of Noble Corporation Ordinary Shares (UK) (NYSE:NE) hit a new 52-week low and has $4.62 target or 9.00% below today’s $5.08 share price. The 5 months bearish chart indicates high risk for the $1.29B company. The 1-year low was reported on Oct, 31 by Barchart.com. If the $4.62 price target is reached, the company will be worth $116.10M less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 7.95 million shares traded hands. Noble Corporation Ordinary Shares (UK) (NYSE:NE) has declined 49.81% since March 29, 2016 and is downtrending. It has underperformed by 53.28% the S&P500.
Noble Corporation Ordinary Shares (UK) (NYSE:NE) Ratings Coverage
Out of 23 analysts covering Noble Corp PLC (NYSE:NE), 5 rate it a “Buy”, 5 “Sell”, while 13 “Hold”. This means 22% are positive. Noble Corp PLC has been the topic of 46 analyst reports since July 31, 2015 according to StockzIntelligence Inc. Jefferies maintained the shares of NE in a report on Monday, April 4 with “Hold” rating. As per Monday, March 7, the company rating was downgraded by Stephens. Global Hunter Securities upgraded Noble Corporation Ordinary Shares (UK) (NYSE:NE) on Friday, August 21 to “Buy” rating. Piper Jaffray downgraded the shares of NE in a report on Friday, March 11 to “Underweight” rating. Cowen & Co maintained it with “Outperform” rating and $18 target price in Friday, July 31 report. The firm earned “Hold” rating on Friday, May 20 by Argus Research. The stock has “Buy” rating given by Argus Research on Wednesday, September 23. On Monday, November 30 the stock rating was upgraded by Guggenheim to “Buy”. The rating was maintained by Jefferies with “Hold” on Wednesday, September 28. The firm has “Accumulate” rating by Seaport Global given on Monday, March 14.
According to Zacks Investment Research, “Noble Corporation PLC is an offshore drilling contractor for the oil and gas industry. The company offers services for drilling and work over activities and undertakes refurbishment projects for rigs. It provides services primarily in the U.S. Gulf of Mexico and Alaska, Mexico, Brazil, the North Sea, the Mediterranean, West Africa, the Middle East, India, Malaysia and Australia. Noble Corporation PLC, formerly known as Noble Corp., is based in London, United Kingdom.”
Insitutional Activity: The institutional sentiment increased to 1.08 in 2016 Q2. Its up 0.12, from 0.96 in 2016Q1. The ratio increased, as 39 funds sold all Noble Corporation Ordinary Shares (UK) shares owned while 103 reduced positions. 36 funds bought stakes while 117 increased positions. They now own 211.70 million shares or 16.81% less from 254.48 million shares in 2016Q1.
Moreover, Checchi Capital Advisers Limited Liability has 0% invested in Noble Corporation Ordinary Shares (UK) (NYSE:NE) for 3,541 shares. Arizona State Retirement, a Arizona-based fund reported 95,063 shares. Integral Derivatives Limited Liability Corp has invested 0% of its portfolio in Noble Corporation Ordinary Shares (UK) (NYSE:NE). Balyasny Asset Ltd Liability Company last reported 0.06% of its portfolio in the stock. Baldwin Brothers Ma holds 0% or 1,500 shares in its portfolio. Aperio Group Ltd Co last reported 0.02% of its portfolio in the stock. State Bank Of America De has 912,025 shares for 0% of their US portfolio. Cornerstone Cap Holding Limited Company holds 0.04% or 659,973 shares in its portfolio. Alexandria Capital Llc, a Virginia-based fund reported 2 shares. Nuveen Asset Limited Company has invested 0.03% of its portfolio in Noble Corporation Ordinary Shares (UK) (NYSE:NE). Moreover, Luminus Mngmt Ltd has 0.01% invested in Noble Corporation Ordinary Shares (UK) (NYSE:NE) for 26,400 shares. Art Ltd Liability Com reported 806,828 shares or 0.33% of all its holdings. Flippin Bruce & Porter accumulated 0.27% or 112,422 shares. The Netherlands-based Apg Asset Mngmt Nv has invested 0.03% in Noble Corporation Ordinary Shares (UK) (NYSE:NE). First Interstate Natl Bank has invested 0.01% of its portfolio in Noble Corporation Ordinary Shares (UK) (NYSE:NE).
NE Company Profile
Noble Corporation plc, incorporated on January 10, 2013, is an offshore drilling contractor for the gas and oil industry. The Company’s segment is contract drilling services. The Firm performs contract drilling services with its fleet of mobile offshore drilling units. The Company’s fleet of approximately 30 drilling rigs consisted of 14 jackups, eight drillships and eight semisubmersibles, including one high-specification, harsh environment jackup under construction. The Firm conducts offshore contract drilling activities in the United States, Brazil, Argentina, the North Sea, the Mediterranean, West Africa, the Middle East, Asia and Australia.
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