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NE

Noble Corp.

$6.15

0.19 (3.19%)

17:26
09/18/18
09/18
17:26
09/18/18
17:26

Noble Corp. initiated with an Underweight at Morgan Stanley

Morgan Stanley analyst Connor Lynagh initiated Noble with an Underweight rating and a price target of $6 as part of his broader research note on Oil Services Drilling/Equipment industry. The analyst warns that the company's high leverage and potential for earnings downside could weigh on the stock price, even though it has no major debt maturities until 2022. Lynagh adds that there is "potentially significant downside to estimates given the roll-off of high-priced contracts" in the Noble's backlog towards the end of 2018 ad early 2019.

  • 24

    Sep

NE Noble Corp.
$6.15

0.19 (3.19%)

08/14/18
ARGS
08/14/18
UPGRADE
ARGS
Hold
Noble Corp. upgraded to Hold from Sell at Argus
Argus analyst David Coleman upgraded Noble Corp to Hold from Sell on "improving industry fundamentals", saying the company is seeing better fleet utilization and day rates while also winning new contracts. The analyst further cites Noble CEO Julie Robertson stating that the offshore drilling industry is benefiting from higher crude oil prices and also sees the prospects of improvement in the company's operating environment in spite of its "relatively weak balance sheet". Coleman also points to Noble's price to book valuation multiple of 0.3-times, which is near the low end of its 5-year 0.1-1.1-times historical range.
09/04/18
JPMS
09/04/18
NO CHANGE
JPMS
Transocean acquisition unlikely to attract new shareholders, says JPMorgan
JPMorgan analyst Sean Meakim says that while Transocean's (RIG) acquisition of Ocean Rig UDW (ORIG) aligns well with its strategy and should be received well by current investors, the deal is unlikely to attract incremental shareholders. The move also highlights the financial constraints of Transocean's peers Ensco (ESV) and Noble Corp. (NE), leaving it positioned as the "last man standing" as a consolidator, Meakim tells investors in a research note. The analyst, however, keeps an Underweight rating on Transocean given his bearish view on pricing. He does not see immediate accretion from Ocean Rig on valuation alone.
09/17/18
BTIG
09/17/18
INITIATION
BTIG
Neutral
Noble initiated with a Neutral at BTIG
BTIG analyst Gregory Lewis initiated Noble with a Neutral rating as part of his broader research note on offshore drilling service industry, saying the company looks "fairly valued" at 17-times forward EBITDA even though it offers "the best fleet on the water" with a mix of premium Floaters and Jackups. The analyst adds that the stock has shrugged off the risk of potential litigation from Paragon bondholders, and its near term focus is with winning floater work while also positioning its rigs effectively.
09/18/18
09/18/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Walmart (WMT) initiated with an Outperform at BMO Capital while Target (TGT) was initiated with a Market Perform. 2. Apache (APA) initiated with an Overweight at Stephens. 3. Supernus (SUPN) initiated with a Buy at Mizuho. 4. Transocean (RIG) initiated with a Buy at BTIG. 5. Noble initiated with a Neutral at BTIG. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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