Noble Co. (NYSE:NE) was the recipient of a large decrease in short interest in January. As of January 31st, there was short interest totalling 46,911,018 shares, a decrease of 16.4% from the January 12th total of 56,142,043 shares. Approximately 19.4% of the shares of the company are sold short. Based on an average daily volume of 8,811,594 shares, the short-interest ratio is currently 5.3 days.

A number of hedge funds have recently modified their holdings of NE. BlackRock Inc. grew its position in shares of Noble by 37.6% during the second quarter. BlackRock Inc. now owns 32,390,455 shares of the oil and gas company’s stock valued at $117,253,000 after purchasing an additional 8,843,373 shares in the last quarter. State Street Corp grew its position in shares of Noble by 31.7% during the second quarter. State Street Corp now owns 22,444,196 shares of the oil and gas company’s stock valued at $81,248,000 after purchasing an additional 5,405,697 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Noble by 141.6% during the fourth quarter. Renaissance Technologies LLC now owns 6,666,800 shares of the oil and gas company’s stock valued at $30,134,000 after purchasing an additional 3,906,800 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Noble by 16.7% during the second quarter. Vanguard Group Inc. now owns 23,523,527 shares of the oil and gas company’s stock valued at $85,155,000 after purchasing an additional 3,371,015 shares in the last quarter. Finally, SG Capital Management LLC purchased a new position in shares of Noble during the third quarter valued at about $9,696,000. Institutional investors and hedge funds own 85.57% of the company’s stock.

Shares of Noble (NYSE:NE) traded up $0.03 during mid-day trading on Wednesday, reaching $3.95. The company’s stock had a trading volume of 7,250,000 shares, compared to its average volume of 8,690,000. Noble has a 1-year low of $3.14 and a 1-year high of $7.76. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.58 and a quick ratio of 1.58. The stock has a market cap of $960.27, a price-to-earnings ratio of -0.54 and a beta of 2.22.

NE has been the subject of several analyst reports. Royal Bank of Canada set a $5.00 price objective on Noble and gave the stock a “hold” rating in a research note on Thursday, December 21st. Zacks Investment Research lowered Noble from a “hold” rating to a “sell” rating in a research note on Tuesday, January 16th. ValuEngine lowered Noble from a “sell” rating to a “strong sell” rating in a research note on Friday, December 1st. Jefferies Group set a $6.00 price objective on Noble and gave the stock a “buy” rating in a research note on Thursday, January 4th. Finally, Piper Jaffray Companies restated a “hold” rating and issued a $2.85 price objective on shares of Noble in a research note on Sunday, October 22nd. Eight equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company’s stock. Noble has a consensus rating of “Hold” and an average target price of $4.97.

ILLEGAL ACTIVITY NOTICE: “Noble Co. (NE) Short Interest Update” was originally posted by TheOlympiaReport and is the property of of TheOlympiaReport. If you are viewing this news story on another domain, it was stolen and republished in violation of U.S. and international copyright laws. The original version of this news story can be accessed at https://theolympiareport.com/2018/02/14/noble-co-ne-short-interest-update.html.

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.

Receive News & Ratings for Noble Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Noble and related companies with MarketBeat.com's FREE daily email newsletter.