Barclays Maintains an 'Overweight' on Noble (NE); Making the Right Moves

Barclays maintains an 'Overweight' on Noble Corporation (NYSE: NE), PT lowered by $1 to $48.

Barclays analyst says, "While Noble's existing fleet is somewhat challenged with several older, less capable assets facing a tough demand environment, the company is attacking these challenges head on with acquisitions and a newbuild program. We believe these are the right steps to reposition for the offshore drilling market of the future. A further restructuring of the company through the divestiture of older assets is on the horizon and would be a positive, in our opinion."

"We are adjusting our 2011 EPS estimate to $2.05 (from $2.00) and increasing our 2012 EPS estimate to $4.30 (from $4.20)..."

For more ratings news on Noble Corporation click here and for the rating history of Noble Corporation click here.

Shares of Noble Corporation closed at $42.92 yesterday.

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