Duncan Williams Reiterates Reduce on Noble (NE)

Duncan Williams is out with its report today on Noble NE, reiterating Reduce. In a note to clients, Duncan Williams writes, "After the close yesterday, Noble released a fleet status with increased downtime on certain rigs, contract slippage, and a fire on one jackup rig, which has removed the rig for repairs for approximately five months. These changes lead our 2011 earnings estimate lower to $2.10 per share from $2.32 per share and our 2012 earnings estimate is now $3.65 per share down from $3.85 per share. Noble is presently trading at a 21 p/e ratio for 2011, while the average for the other offshore drillers is only a 15 p/e ratio for 2011. We reiterate our REDUCE rating on Noble and recommend investors look for a lower entry point." Shares of NE closed Wednesday at $43.35, up 0.28% from Tuesday's close.