NEW YORK (TheStreet) -- Noble Corp. (NE) shares are down 3.17% to $18.04 in trading on Monday after the oil drilling company announced the results of a shareholder vote concerning possible share buy backs.
The company announced the results of a special meeting held earlier today, saying that shareholders approved the purchase from time to time of up to 37 million ordinary shares of stock, representing about 15% of the company's outstanding shares.
The authority to purchase the shares will expire 16 months from today with the company reserving the right to suspend or discontinue the repurchases at any point over the next 16 months.
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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 robust revenue growth, attractive valuation levels and expanding profit margins. 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."