Market Overview

UPDATE: Pareto Securities Reiterates Hold Rating, Lowers PT on Noble Corporation

Share:
Related NE
Morgan Stanley Slashes Deepwater Drillers, Says They're 'Fighting Tooth And Nail' To Stay Afloat
Earnings Scheduled For February 4, 2015
Preview: European Investors Still In Love With North American Equities (Seeking Alpha)

In a report published Friday, Pareto Securities reiterated its Hold rating on Noble Corporation (NYSE: NE), but lowered its price target from $43.00 to $41.00.

Pareto Securities noted, “Noble is in the middle of a transition period where 90% of the cash flow came from older units in 2011, while around 50% will come from modern rigs in 2015E. However, delayed cash flow from newbuilds and significantly higher maintenance capex for older rigs in 2013 is delaying the super profit. We lower our EPS estimate for 2013E from 3.7 to 2.4 due to higher guided opex and tax, while we increase interest cost on the assumptions on more debt due to delayed cash flow. Our target price is lowered from USD 43 to 41.”

Noble Corporation closed on Thursday at $37.46.

Latest Ratings for NE

DateFirmActionFromTo
Apr 2015Morgan StanleyDowngradesEqualweightUnderweight
Apr 2015SusquehannaMaintainsPositive
Mar 2015Guggenheim SecuritiesDowngradesBuyNeutral

View More Analyst Ratings for NE
View the Latest Analyst Ratings

Posted-In: Pareto SecuritiesAnalyst Color Price Target Analyst Ratings

 

Related Articles (NE)

Around the Web, We're Loving...