Duncan Williams Lowers Price Target and Estimates on Noble Corp. (NE), Weak Fleet Status Update
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Price: $45.10 +1.83%
Rating Summary:
16 Buy, 22 Hold, 8 Sell
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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
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Duncan Williams is reaffirming its Strong Buy rating on shares of Noble Corporation (NYSE: NE) while lowering its price target from $61.50 to $56.25.
The company offered a fleet status update last week which showed increased shipyard time, planned downtime, and some new contracts. Noble's backlog as of June 30 was at $13 billion with 73 percent of the fleet booked for the rest of 2011 and only 43 percent booked for 2012.
As a result, Duncan Williams is lowering its 2011 EPS estimate from $1.85 to $1.75 and its 2012 estimate from $4.10 to $3.75.
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 $31.78 yesterday.
The company offered a fleet status update last week which showed increased shipyard time, planned downtime, and some new contracts. Noble's backlog as of June 30 was at $13 billion with 73 percent of the fleet booked for the rest of 2011 and only 43 percent booked for 2012.
As a result, Duncan Williams is lowering its 2011 EPS estimate from $1.85 to $1.75 and its 2012 estimate from $4.10 to $3.75.
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 $31.78 yesterday.
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