Deutsche Bank, for one, welcomed Noble's move to bring the earnings forward, as well as Noble's affirmation of its liquidity position, seeing it as a positive for the company's bonds, which have suffered amid allegations the company might have struggled to pay a bond redemption last week. Noble redeemed $735 million of its bonds, with $235 million of that an early payment that was due in 2020.
Concerns about Noble's bonds worsened after Standard & Poor's (S&P) in June revised the company's outlook to negative from stable, citing higher earnings volatility and trading risk. But Deutsche Bank believed Noble's latest steps were positive for its credit.
"Bringing forward its results date also means Noble can start defending its share price via on market buybacks sooner. The resources used for the buybacks have so far been manageable for Noble's liquidity position," Colin Tan, a Deutsche Bank analyst, said in a note last week. But he added: "Given the rapid decline in Noble's market capitalization we believe a strategic investor may be needed to restore investors' confidence in the name."
Read More Has Noble fought back the tide of Muddy Waters?
The company has said it's been approached by potential strategic investors.
Others are also chary of the shares.
"Short-term earnings are likely to miss market expectations due to lower trading margins, potential further asset impairments and more conservative revenue recognition after Iceberg's and Muddy Waters' allegations," Wei Bin, an analyst at Maybank Kim Eng, said in a note in late June. He kept a Hold call on the stock, expecting Noble's share buybacks will support the price, but he added that it was too soon to bottom fish the shares.
Some expect the PwC report could boost the shares, however.
"The whole sector is less profitable than it used to be. Noble is suffering from that," GMT's Medd said. "That's not to say that if they get a detailed bill of health from PwC, people (may say) 'that's not as bad as we thought,' and we could see a share price bounce back."
But he also noted that he's pessimistic on whether the PwC report will offer much insight into the company's accounting.
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter @LeslieShaffer1