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Noble Corp. (NE) is scheduled to report its Q2 2012 results on July 19, 2012, before the market opens. The street expects EPS and revenue of $0.59 and $903.17M, respectively.

In this article I will recap the historical results of the company, its latest EPS estimates vs. surprises, the latest news from NE and the news from its closest competitors.

Noble Corp. Revenue and Net Income History

Recent EPS Actuals vs. Estimates

The company has met or beaten analysts' estimates in the last two quarters. In the last quarter it reported $0.47 EPS, beating analyst estimates of $0.40.

Noble Corp. EPS Historical Results vs Estimates

The consensus EPS estimate is $0.59 based on 29 analysts' estimates, up from $0.17 a year ago. Revenue estimates are $903.17M, up from $628.00M a year ago. The median target price by analysts for the stock is $45.00.

Average recommendation: Buy

Source: Marketwatch

Analyst Upgrades and Downgrades

  • On April 11, 2012, FBR Capital reiterated Outperform rating for the company.
  • On March 19, 2012, Standpoint Research downgraded the company from Buy to Hold.
  • On January 20, 2012, Deutsche Bank upgraded the company from Hold to Buy.
  • On January 19, 2012, Deutsche Bank upgraded the company from Hold to Buy.

Latest News

  • On July 12, 2012, Noble Corporation announced that the Company has entered into a three-year term drilling contract with Anadarko Petroleum Corporation for the Noble Bob Douglas, one of Noble's new ultra-deepwater drillships currently under construction at the Hyundai Heavy Industries Co. Ltd. (HHI) shipyard in Ulsan, South Korea.
  • On April 18, 2012, Noble Corporation reported first quarter 2012 earnings of $120 million, or $0.47 per diluted share, versus $127 million, or $0.50 per diluted share, for the fourth quarter of 2011. Earnings for the first quarter of 2011 were $54 million, or $0.21 per diluted share. Contract drilling services revenues for the first quarter of 2012 were $746 million versus $720 million for the fourth quarter of 2011 and $543 million in the first quarter of 2011.

Competitors

Atwood Oceanics, Inc. (ATW), Diamond Offshore Drilling, Inc. (DO), Ensco plc (ESV), and Transocean Ltd. (RIG) are considered major competitors for Noble and the table below provides the key metrics for these companies and the industry.

Noble Corp. key ratio comparison with direct competitors

The chart below compares the stock price changes as a percentage for the selected companies and S&P 500 index for the last one year period.

(click to enlarge)NE Chart

NE data by YCharts

Competitors' Latest Development

  • On July 10, 2012, Atwood Oceanics Inc announced that one of its subsidiaries has been awarded a twelve-month contract extension with an affiliate of Coastal Energy Company for the jackup rig Vicksburg.
  • On July 9, 2012, Atwood Oceanics, Inc., announced that one of its subsidiaries has been awarded a drilling services contract by Glencore Exploration Cameroon Ltd for the jack-up rig Atwood Aurora.
  • On May 3, 2012, Reuters reported that BP plc won preliminary court approval of an estimated $7.8 billion settlement to resolve more than 100,000 claims by individuals and businesses stemming from the 2010 Gulf of Mexico oil spill.
  • On May 3, 2012, Ensco plc announced that for second quarter of 2012, it expects revenues to increase approximately 6% from first quarter of 2012. The Company reported revenue of $1.03 billion in first quarter of 2012.
  • On April 27, 2012, Atwood Oceanics Inc announced that one of its subsidiaries has been awarded a drilling services contract by a subsidiary of Noble Energy Inc. for the Atwood Hunter for three firm wells with a minimum total duration of 150 days plus one option well.
  • On April 23, 2012, Atwood Oceanics Inc announced that one of its subsidiaries has been awarded a three year contract extension by Chevron Australia Pty Ltd (Chevron), for the semisubmersible Atwood Osprey.
  • On April 19, 2012, Diamond Offshore Drilling Inc announced that the Company has declared a special quarterly cash dividend of $0.75 per share of common stock and a regular quarterly cash dividend of $0.125 per share of common stock.
  • On March 28, 2012, Hercules Offshore, Inc. announced that it has closed the previously announced acquisition of the offshore drilling rig Ocean Columbia from a subsidiary of Diamond Offshore Drilling, Inc. for $40 million in cash.
  • On March 22, 2012, Atwood Oceanics Inc announced that one of its subsidiaries has been awarded a contract by Salamander Energy (Bualuang) Limited, for the newbuild jackup Atwood Mako.
  • On March 21, 2012, Diamond Offshore Drilling Inc. announced the execution of a definitive agreement to sell its subsidiary's jack-up drilling rig, Ocean Columbia, to a subsidiary of Hercules Offshore, Inc., for a sale price of $40 million in cash.
  • On February 29, 2012, Ensco plc announced that its Board of Directors has declared a regular quarterly cash dividend of $0.375 per Class A ordinary share payable on 23 March 2012 to holders of Ensco's American depositary shares (ADS) as of the March 12, 2012, record date.
  • On February 23, 2012, Ensco plc announced that for first quarter of 2012, it expects revenue to increase approximately 8% from the fourth quarter. The Company reported revenue of $994.90 million in fourth quarter of 2011.
  • On February 7, 2012, Atwood Oceanics Inc announced that one of its subsidiaries has been awarded a drilling services contract by Shemen Oil and Gas Resources Ltd., an Israel-based oil and gas company, for the Atwood Beacon.
  • On February 2, 2012, Diamond Offshore Drilling Inc. announced that the Company has declared a special quarterly cash dividend of $0.75 per share of common stock and a regular quarterly cash dividend of $0.125 per share of common stock.

Technical Overview


The stock has a market capitalization of $8.39B and is currently trading at $33.24 with a 52 week range of $27.33 - $41.71. The stock's year-to-date performance has been 10.80%. It is currently trading above 20and 50SMA, but below 200SMA.

Sources: Yahoo Finance, Google Finance, Marketwatch, Finviz, Reuters.

Source: Noble Corporation: Earnings Preview