Noble Co. (NE) Short Interest Up 29.2% in February

Noble Co. (NE) Short Interest Up 29.2% in February

Noble Co. (NYSE:NE) was the recipient of a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 64,926,581 shares, a growth of 29.2% from the February 15th total of 50,241,482 shares. Based on an average daily volume of 15,694,962 shares, the days-to-cover ratio is currently 4.1 days.

Shares of Noble (NYSE:NE) opened at 5.87 on Friday. The firm’s market capitalization is $1.44 billion. The stock has a 50 day moving average of $6.73 and a 200-day moving average of $6.23. Noble has a 52-week low of $4.45 and a 52-week high of $12.19.

Noble (NYSE:NE) last posted its quarterly earnings data on Thursday, February 9th. The company reported ($0.15) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.22) by $0.07. The firm earned $410 million during the quarter, compared to analysts’ expectations of $399.02 million. The company’s quarterly revenue was down 52.2% on a year-over-year basis. During the same quarter last year, the business posted $0.52 EPS. Equities analysts expect that Noble will post ($1.32) earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of NE. Stifel Financial Corp raised its stake in Noble by 29.5% in the second quarter. Stifel Financial Corp now owns 26,342 shares of the company’s stock valued at $218,000 after buying an additional 6,001 shares during the period. Schwab Charles Investment Management Inc. raised its stake in Noble by 63.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,685,702 shares of the company’s stock valued at $13,891,000 after buying an additional 654,331 shares during the period. Creative Planning raised its stake in Noble by 5.7% in the third quarter. Creative Planning now owns 42,661 shares of the company’s stock valued at $270,000 after buying an additional 2,290 shares during the period. Hedeker Wealth LLC purchased a new stake in Noble during the third quarter valued at approximately $255,000. Finally, Kessler Investment Group LLC purchased a new stake in Noble during the third quarter valued at approximately $3,220,000. Hedge funds and other institutional investors own 91.66% of the company’s stock.

NE has been the topic of several recent research reports. Seaport Global Securities raised Noble from a “neutral” rating to a “buy” rating in a research note on Tuesday, March 7th. Sanford C. Bernstein initiated coverage on Noble in a research note on Thursday, December 1st. They issued a “market perform” rating and a $6.50 price target on the stock. BMO Capital Markets set a $5.00 price target on Noble and gave the company a “sell” rating in a research note on Thursday, January 12th. Citigroup Inc raised Noble from a “neutral” rating to a “buy” rating in a research note on Saturday, January 21st. Finally, Capital One Financial Corp. raised Noble from an “equal weight” rating to an “overweight” rating in a research note on Tuesday, January 17th. Seven research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Noble has an average rating of “Hold” and an average price target of $7.97.

About Noble

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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