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Prepping for Noble Corporation’s 2Q17 Results

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Dec. 4 2020, Updated 10:52 a.m. ET

2Q17 results

Noble Corporation (NE) plans to release its 2Q17 results on August 3, 2017, after the markets close. Its results will be followed by a conference call on August 4, 2017.

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1Q17 recap

  • Noble Corporation recorded revenue of $354 million in 1Q17—down from $591 million in 1Q16.
  • Noble Corporation secured $650 million in a new contract. It increased its backlog from $3.3 billion at the end of 4Q16 to $3.5 billion at the end of 1Q17.
  • The contract drilling costs in 1Q17 fell 9% from the previous quarter. The company lowered its 2017 cost guidance.
  • Noble Corporation recorded 93% fleet utilization of its jack-up fleet. Its total fleet utilization was 69% in the first quarter.
  • UBS and Jefferies immediately slashed Noble Corporation’s target price after its 1Q17 earnings.

To learn more about Noble Corporation’s 1Q17 results, read Digging into Noble Corporation’s 1Q17 Results.

Stock performance

Noble Corporation stock reached a new 52-week low of $3.33 on July 10, 2017. The stock has risen to $4.04 as of July 28, 2017. However, the stock is 31.7% lower compared to the price at the beginning of the year. Below are the year-to-date stock returns of other offshore drilling (XLE) stocks as of July 28, 2017:

  • Transocean (RIG) fell 41.0%.
  • Diamond Offshore (DO) fell 32.2%.
  • Rowan Companies (RDC) fell 38.4%.
  • Ensco (ESV) 45.3%.
  • Seadrill (SDRL) fell 88.7%.

Series overview

In this series, we’ll see what analysts expect from the company’s revenue and EBITDA for 2Q17 and fiscal 2017. We’ll discuss recent changes in analysts’ recommendations and target price.

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