Argus Downgrades Noble Corporation (NE) to Sell
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Argus downgraded Noble Corporation (NYSE: NE) from Hold to Sell.
The analyst notes Noble continues to face pressure from the decline in offshore drilling activity, and has been hurt by lower fleet utilization and day rates.
Also, Noble's once strong balance sheet has deteriorated. The company is now facing higher borrowing costs following credit downgrades from S&P and Moody's and cut its dividend from $0.15 to $0.02 to conserve cash.
Shares of Noble Corporation closed at $7.19 yesterday.
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