Noble Corporation Plc (NYSE: NE) stock fell -1.65% on Wednesday to $36.85 against a previous-day closing price of $37.47. With 1.08 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.54 million shares. During the session, the Oil & Gas Drilling company that operates in wider Energy sector, reached to the highest price of $37.23 whereas the lowest price it dropped to was $36.53. The 52-week range on NE shows that it touched its highest point at $42.08 and its lowest point at $22.01 during that stretch. It currently has a 1-year price target of $51.00.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of NE was down-trending over the past week, with a drop of -7.51%, but this was up by 2.79% over a month. Three-month performance surged to 16.65% while six-month performance rose 4.04%. The stock gained 43.95% in the past year, while it has gained 48.53% so far this year. A look at the trailing 12-month EPS for NE yields 1.77 with Next year EPS estimates of 3.47. For the next quarter, that number is 0.47. This implies an EPS growth rate of 132.50% for this year and 99.60% for next year.
Float and Shares Shorts:
At present, 130.84 million NE shares are outstanding with a float of 129.71 million shares on hand for trading. On Oct 13, 2022, short shares totaled 7.23 million, which was 5.54% higher than short shares on. In addition to Mr. Robert W. Eifler as the firm’s Pres, CEO & Director, Mr. Richard B. Barker serves as its Sr. VP & CFO.
Through their ownership of 63.41% of NE’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 9.67% of NE, in contrast to 40.45% held by mutual funds. Shares owned by individuals account for 13.76%. As the largest shareholder in NE with 9.52% of the stake, Pacific Investment Management Co holds 12,420,422 shares worth 12,420,422. A second-largest stockholder of NE, Shenkman Capital Management, Inc., holds 9,467,342 shares, controlling over 7.26% of the firm’s shares. GoldenTree Asset Management LP is the third largest shareholder in NE, holding 6,107,396 shares or 4.68% stake. With a 1.24% stake in NE, the iShares Russell 2000 ETF is the largest stakeholder. A total of 1,622,620 shares are owned by the mutual fund manager. The Vanguard Extended Market Index Fu, which owns about 1.04% of NE stock, is the second-largest Mutual Fund holder. It holds 1,357,037 shares valued at 48.91 million. Vanguard Total Stock Market Index holds 1.01% of the stake in NE, owning 1,323,282 shares worth 47.69 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for NE since 8 analysts follow the stock currently. There are 7 analysts who recommend BUY ratings, while 0 suggest SELL ratings. Of the remaining analysts, 1 believe that the stock is worth HOLDING, 0 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With NE analysts setting a high price target of $60.00 and a low target of $48.00, the average target price over the next 12 months is $51.57. Based on these targets, NE could surge 62.82% to reach the target high and rise by 30.26% to reach the target low. Reaching the average price target will result in a growth of 39.95% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. NE will report FY 2022 earnings on 03/09/2023. Analysts have provided yearly estimates in a range of $2.09 being high and -$0.89 being low. For NE, this leads to a yearly average estimate of $1.06. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Noble Corporation Plc surprised analysts by $0.07 when it reported $0.50 EPS against a consensus estimate of $0.43. The surprise factor in the prior quarter was -$0.05. Based on analyst estimates, the high estimate for the next quarter is $0.95 and the low estimate is $0.28. The average estimate for the next quarter is thus $0.53.
Summary of Insider Activity:
Insiders traded NE stock several times over the past three months with 8 Buys and 40 Sells. In these transactions, 118,387 shares were bought while 6,304,537 shares were sold. The number of buy transactions has increased to 20 while that of sell transactions has risen to 99 over the past year. The total number of shares bought during that period was 463,870 while 12,226,021 shares were sold.