2024-02-05 04:17:57 ET
Summary
- Noble Corporation's stock price has experienced volatility due to the impacts of production cuts and oil prices.
- The company operates as an offshore drilling contractor with operations in the North Sea and partnerships with major players in the industry.
- The offshore drilling market is expected to grow, and Noble Corporation has a strong backlog and positive earnings outlook.
Investment Rundown
The stock price of Noble Corporation plc ( NE ) has been on quite the rollercoaster for the past 12 months. Back in late June of 2023, the company was rated as a buy from Citi and the impacts of the production cuts OPEC made began to show on the earnings reports and performance of companies, but also the price of oil on the global markets. This meant that the price of NE shot up from $38.5 per share to over $52 in the span of a few weeks. Since then, there has been a steady decline for a lot of energy companies as oil prices haven't quite risen rapidly, much seemingly because of increased production outputs in the US, primarily the Permian Basin....
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Noble Corporation: Quality Backlogs With Room To Grow