Shares of Noble were falling 2% to $20.12 in morning trading.
The analyst firm also lowered its EPS estimates for the oil and gas company through 2015. Credit Suisse now expects the company to report earnings of $3.07 a share for 2014, down from previous estimates of $3.14 a share. The firm lowered its 2015 EPS estimates to $1.98 a share from $2.31.
"Earlier this week management announced its intentions for a 37M (~15% of shares) share buyback and that it was once again revisiting a MLP structure," Credit Suisse analysts wrote. "With the stock trading at ~35% discount to book value - management believes NE stock is cheap."
Separately, TheStreet Ratings team rates NOBLE CORP PLC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate NOBLE CORP PLC (NE) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and a generally disappointing performance in the stock itself."
You can view the full analysis from the report here: NE Ratings Report
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