Noble Corp. price target lowered to $45 from $48 at Argus Argus cut its price target on Noble Corp. as the firm lowered its 2014 EPS estimate for the company to reflect its forecast of an abundance of newbuild rigs this year. However, the firm thinks that investors are underestimating the company's long-term earnings power, and it keeps a Buy rating on the shares.
Noble Corp. authorizes vote on share repurchase of up to 37M shares Noble Corporation's Board has authorized the company to seek approval from its shareholders to increase the company's authority to repurchase its outstanding shares. The approval is expected to be sought at a Special Meeting of Shareholders scheduled for December 22. The company intends to file a preliminary proxy statement with the SEC with a proposal to authorize the potential repurchase of up to an aggregate of 37M shares, or approximately 15% of the company's ordinary shares outstanding. This authorization would be in addition to the Company's existing share repurchase authorization under which approximately 4.8M shares remained available for purchase as of September 30.