Noble Corporation Ordinary Shares (UK) (NYSE:NE) has announced that the elimination of the company’s quarterly dividend has been approved by the board of directors. The dividend was valued at $0.02 per share. The company noted that conditions have continued to remain challenging in the off-shore drilling industry, which was why the step was taken. Moreover, the decision supports the management’s commitment towards preserving liquidity. It should be noted here that the move would reduce an estimated $20 million, from NE’s expenditures.

Analysts have also been weighing in about NE, as of late, given that the company is scheduled to report its financial results for the 3Q2016, on November 3, 2016. The filing would be made after markets close on the stated day. A conference call would also follow, the next day, at 8 am, ET. The company has announced that a replay of the call would be made available on its website and would remain until December 2, 2016.

A report from Bloomberg has stated that NE has been awarded an average rating of hold, based on recommendations from a total of 39 analysts,surveyed by the firm. In addition to this, several analysts have changed their price targets for the company’s stock, but there have been no recommendation updates, during the month of October. Wall Street analysts, however, believe that Noble would post revenue of approximately $409 million, for the 3Q2016. This represents a 54% decline, on a quarter-over-quarter basis and over 50%, as compared to the preceding year.

The analyst estimates are based on the fact that some of the company’s contracts had expired during the 2Q2016 and day rates have also fallen on other contracts, since then. Moreover, NE also faced early contract terminations from some of its clients. It should be noted here that the off-shore drilling industry is going through some difficult times and is not expected to recover, before FY2018.

Noble Corporation Ordinary Shares (UK) (NYSE:NE) lost 6.62% of its share value, during the October 28 trading session, on a trade volume of 34.67 million, to close at a share price of $4.94