Offshore drilling contractor Noble Corporation (NYSE: NE) will be reporting results this Monday after market hours. Here’s what investors should know.
Noble Corporation beat analysts’ revenue expectations last quarter, reporting revenues of $719.7 million, down 15.2% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EPS estimates and a miss of analysts’ EBITDA estimates.
Is Noble Corporation a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Noble Corporation’s revenue to decline 10.6% year on year, a deceleration from its flat revenue in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Noble Corporation rarely misses Wall Street’s revenue estimates.
Looking at Noble Corporation’s peers in the oilfield services segment, some have already reported their Q3 results, giving us a hint as to what we can expect. SLB delivered year-on-year revenue growth of 5.8%, beating analysts’ expectations by 1.7%, and Halliburton reported revenues up 1.8%, topping estimates by 2.1%. Halliburton traded up 3.1% following the results.
Read our full analysis of SLB’s results here and Halliburton’s results here.
There has been positive sentiment among investors in the oilfield services segment, with share prices up 4.2% on average over the last month. Noble Corporation is up 11.1% during the same time and is heading into earnings with an average analyst price target of $46.50 (compared to the current share price of $47.56).
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