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Richard B. Barker, the Executive Vice President and Chief Financial Officer of Noble Corp plc (NYSE:NE), recently purchased 8,000 shares of the company, according to a filing with the Securities and Exchange Commission. This insider purchase comes as the stock trades near its 52-week low of $27.62, with InvestingPro data indicating the stock is currently in oversold territory. The shares were acquired at a weighted average price of $27.94, resulting in a total transaction value of approximately $223,520. Following this purchase, Barker’s direct ownership in the company amounts to 298,505 shares. The transaction took place on February 20, 2025, and was disclosed in a Form 4 filing. The company maintains strong fundamentals with a healthy 7.2% dividend yield and a current ratio of 1.48, indicating solid liquidity. InvestingPro analysis suggests the stock is currently undervalued, with 8 additional exclusive insights available to subscribers.
In other recent news, Noble Corporation has been actively managing its operations and financial outlook amidst a shifting market landscape. The company has announced contracts for several of its drilling vessels, including the Noble Venturer, Noble Globetrotter I, and Noble Developer, though the pace of contracting has not matched the high levels of 2022-23. Noble Corporation is also in the process of integrating Diamond Offshore into its operations, with expected annual cost synergies of $100 million to be realized by 2025. The company’s capital expenditures for 2025 are projected to decrease by 23% to $422 million, supporting a free cash flow generation of $380 million.
Evercore ISI has adjusted its outlook on Noble Corporation, reducing the price target to $34 due to reduced demand for idled capacity, while maintaining an In Line rating. Meanwhile, Benchmark analysts have maintained a Hold rating, noting stable pricing for Noble’s 7G and 6G drillships. JPMorgan has reiterated a Neutral rating with a $37 price target, highlighting expected fourth-quarter 2024 EBITDA of $295 million, which aligns with consensus estimates. Noble Corporation continues to prioritize maximizing capital returns to shareholders, with $390 million remaining in its buyback authorization.
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