FBR Capital Maintains Bullish Thesis on Noble Corp (NE) Post Q2

July 18, 2013 11:02 AM EDT Send to a Friend
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Price: $20.40 -0.63%

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FBR Capital reiterated an Outperform rating and $50 price target on Noble Corporation (NYSE: NE) Thursday following better than expected Q2 results after the close.

Noble Corporation reported adjusted 2Q13 EPS of $0.63, above FBR's estimate of $0.54 and the consensus estimate of $0.56. The analyst notes the beat stemmed primarily from better-than-expected contract drilling costs, an indication that the company is making progress towards controlling costs and minimizing unpaid downtime, which in our minds is the largest risk for offshore drillers in 2013.

"We saw nothing in the earnings release to dissuade us from our positive thesis on the stock," analyst Megan Repine said. "NE remains our favorite name to play the offshore drillers in 2013 based on: 1) a potential non-core asset spin, 2) the company's capacity to increase its dividend, and 3) room for utilization improvement."

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 $40.01 yesterday.


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