Noble Corp Receives a Hold from Susquehanna

By Austin Angelo

In a report released today, Charles Minervino from Susquehanna reiterated a Hold rating on Noble Corp (NYSE: NE), with a price target of $5. The company’s shares closed yesterday at $5.62.

According to TipRanks.com, Minervino is a 1-star analyst with an average return of -2.8% and a 54.0% success rate. Minervino covers the Basic Materials sector, focusing on stocks such as Baker Hughes a GE company, Diamond Offshore Drilling, and Oil States International.

Currently, the analyst consensus on Noble Corp is Hold and the average price target is $5.16, representing a -8.2% downside.

In a report released yesterday, Cowen & Co. also reiterated a Hold rating on the stock with a $5 price target.

Based on Noble Corp’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $266 million and GAAP net loss of $96.79 million. In comparison, last year the company earned revenue of $408 million and had a GAAP net loss of $1.3 billion.

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Noble Corp. Plc engages in offshore drilling services for oil and gas industry. It provides contract drilling services, which including owns and operates mobile offshore drilling units, and floating production storage and offloading unit. The company was founded by Lloyd Noble and Art Olson in 1921 and is headquartered in London, United Kingdom.