Argus Downgrades Noble Corporation (NE) to Sell

August 10, 2016 7:44 AM EDT
Get Alerts NE Hot Sheet
Price: $6.17 -4.93%

Rating Summary:
    16 Buy, 21 Hold, 8 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
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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.

For an analyst ratings summary and ratings history on Noble Corporation click here. For more ratings news on Noble Corporation click here.

Shares of Noble Corporation closed at $7.19 yesterday.

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