Update: Global Hunter Securities Lowering Price Target On Noble Corp. (NE)

Global Hunter Securities is cutting its price target on shares of Noble Corporation NE to $41 from $43, and it has a Neutral rating on shares. In a note to clients, Global writes, "Noble Corp updated its fleet status with few changes in the US Gulf deepwater or the Mexico jackup market. Given the ongoing permitting issues in the GOM, just two deepwater rigs are earning full dayrate. Meanwhile, with recent activity in Mexico picking up, only two jackups are currently without work, but we anticipate contract awards in the near term. The largest driver of downside to our estimates is that the Noble Duchess is now cold stacked. We are lowering our price target to $41 from $43 and we maintain our Neutral rating." Shares of NE closed at $42.73 yesterday.