NEW YORK (TheStreet) -- Noble Corp.'s (NE) - Get Reportstock rating was reduced to "hold" from "buy" at Societe Generale, the Fly reports.

The firm also lowered its price target to $7 from $10 on shares of the London-based offshore drilling contractor.

Societe Generale cited recent share strength and lower earnings due to cuts in offshore spending.

The firm similarly downgraded energy company EOG Resources (EOG) to "hold" from "buy" and offshore driller Rowan (RDC) to "sell" from "hold" this morning, the Fly noted.

Additionally, oil field services company Halliburton (HAL) was upgraded to "buy" from "hold" at Societe Generale today.

Shares of Noble were higher in pre-market trading today as oil prices increased. Crude oil (WTI) was up 0.7% to $48.58 per barrel and Brent crude was advancing 0.66% to $50.52 per barrel this morning.

Separately, TheStreet Ratings objectively rated Noble stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "hold" with a ratings score of C-.

The company's strengths can be seen in multiple areas, such as its compelling growth in net income, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year.

You can view the full analysis from the report here: NE

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