Canaccord Genuity Maintains a 'Hold' on Noble (NE); Downtime Lowers Q2 Estimates
Tweet
Share
E-mailGet Alerts NE Hot Sheet
Price: $45.10 +1.83%
Rating Summary:
16 Buy, 22 Hold, 8 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
16 Buy, 22 Hold, 8 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Canaccord Genuity maintains a 'Hold' on Noble Corporation (NYSE: NE), PT lowered by $1 to $55.
Canaccord analyst, Scott Burk, said, "Noble released a fleet status update with fairly minor changes. We lower our Q2/11 and 2011 estimates by $0.17 and $0.13, respectively, to account for additional downtime (including 60 days resulting from a contract dispute with Pemex), as well as our 2012 EPS on slight newbuild delays. Noble did report several new contracts, but all of them are short term (less than one year) at rates that are in line with recent contracts for both deepwater semis and jackups. Overall, the FSU implies a relatively stable rig day rate market."
For more ratings news on Noble Corporation click here and for the rating history of Noble Corporation click here.
Shares of Noble Corporation closed at $38.35 yesterday.
Canaccord analyst, Scott Burk, said, "Noble released a fleet status update with fairly minor changes. We lower our Q2/11 and 2011 estimates by $0.17 and $0.13, respectively, to account for additional downtime (including 60 days resulting from a contract dispute with Pemex), as well as our 2012 EPS on slight newbuild delays. Noble did report several new contracts, but all of them are short term (less than one year) at rates that are in line with recent contracts for both deepwater semis and jackups. Overall, the FSU implies a relatively stable rig day rate market."
For more ratings news on Noble Corporation click here and for the rating history of Noble Corporation click here.
Shares of Noble Corporation closed at $38.35 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Centuri names new CFO and chief legal officer
- Intuitive Machines Inc. (LUNR) PT Lowered to $32 at Cantor Fitzgerald, Reaffirms Overweight Rating
- BofA Securities Resumes American Eagle Outfitters (AEO) at Underperform
Create E-mail Alert Related Categories
Analyst CommentsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
