The Vanguard Group, Inc. recently announced the acquisition of new stake in Noble Corporation Plc (NYSE:NE). This fresh investment now brings its stake to 5.69% valued currently at $294.74 million. In addition, Van Eck Associates Corp. raised its holdings by 2.85 million to 2.86 million shares. And ClearBridge Investments LLC has lifted its position by 69.42% or 1.05 million shares – to 2.55 million shares.
With over 1.27 million Noble Corporation Plc (NE) shares trading Tuesday and a closing price of $39.17 on the day, the dollar volume was approximately $49.69 million. The shares have shown a positive half year performance of 2.38% and its price on 05/23/23 lost nearly -0.71%. Currently, there are 134.75M common shares owned by the public and among those 69.65M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 11 analysts who have offered their price forecasts for NE have a consensus price objective of $56.00. The analysts have set the share’s price value over the next 12 months at a high of $65.00 and a low of $50.00. The average price target is 29.27% above its recent price level and an upside to the estimated low will see the stock gain 21.66% over that period. But an upside of 39.74% will see the stock hit the forecast high price target while median target price for the stock is $56.00.
Insiders at the company have transacted a total of 119 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 33 of these insider trades were purchases, accounting for 17,859,066 shares. Insider sales of the common stock occurred on 86 occasions, with total insider shares sold totaling 10,808,155 shares.
The top 3 mutual fund holders in Noble Corporation Plc are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and VanEck Oil Services ETF. Vanguard Total Stock Market ETF owns 3.33 million shares of the company’s stock, all valued at over $127.96 million. The company bought an additional 91681.0 shares recently to bring their total holdings to about 2.47% of the shares outstanding. Vanguard Small Cap Index Fund bought 1.45 million shares to see its total holdings expand to 2.81 million shares valued at over $108.19 million and representing 2.09% of the shares outstanding. VanEck Oil Services ETF sold 33420.0 shares to bring its total holdings to over 2.64 million shares at a value of $101.62 million. VanEck Oil Services ETF now owns shares totaling to 1.96% of the shares outstanding.
Shares of Noble Corporation Plc (NYSE: NE) opened at $39.46, up $0.01 from a prior closing price of $39.45. The company’s stock has a 5-day price change of 6.41% and 1.98% over the past three months. NE shares are trading 3.87% year to date (YTD), with the 12-month market performance up to 22.75% higher. It has a 12-month low price of $22.64 and touched a high of $45.50 over the same period. NE has an average intraday trading volume of 1.42 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 5.38%, 2.62%, and 7.40% respectively.
Institutional ownership of Noble Corporation Plc (NYSE: NE) shares accounts for 49.40% of the company’s 134.75M shares outstanding. Mutual fund holders own 30.36%, while other institutional holders and individual stakeholders account for 9.52% and 25.41% respectively.
It has a market capitalization of $5.47B. The stock’s trailing 12-month PE ratio is 15.54, while the earnings-per-share (ttm) stands at $2.52. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.04% over the week and 4.17% over the month.
Analysts forecast that Noble Corporation Plc (NE) will achieve an EPS of $0.42 for the current quarter, $0.76 for the next quarter and $5.35 for 2024. The lowest estimate earnings-per-share for the quarter is $0.22 while analysts give the company a high EPS estimate of $0.6. Comparatively, EPS for the current quarter was $0.4 a year ago. Earnings per share for the fiscal year are expected to decrease by -66.80%, and 121.45% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Noble Corporation Plc (NE) as a “Strong Buy” at a consensus score of 1.70. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 1 of the 11 advise that investors “hold,” and 0 rated it as a “Sell.”
