Noble (NYSE:NE) Lowered on Gulf Uncertainties

Noble Corporation (NYSE:NE) was removed from the "Top Picks List" of FBR Capital, citing ongoing uncertainty in the Gulf of Mexico.

FBR said, "We are lowering our estimates on Noble based on (1) Marathon Oil's (NYSE: MRO) intention to cancel its contract on the Noble Jim Day rig due to uncertainty in the GOM and (2) our expectation for Mexico jackup rigs rolling off contract in 2010 to experience a gap before returning to work in 2Q11...Our new 2011 estimate is $3.10 versus our previous $3.60, while we are taking down our 2012 EPS estimate to $4.65 from $4.75."

FBR Capital maintains an "Outperform" rating on Noble Corporation, which was trading at $33.29, dropping $0.96, or 2.80 percent at 11:36 AM EST. They slashed their price target on them from $45 to $38.