Noble Corp director Al Hirshberg acquires $230,000 in shares

In recent trading activity, Al J. Hirshberg, a director at Noble Corp plc (NYSE:NE), acquired 10,000 A Ordinary Shares of the company, totaling $230,000. The transactions were executed on March 11, at a price of $23 per share, near the stock’s 52-week low of $22.05. According to InvestingPro analysis, the company currently offers an attractive 8.69% dividend yield and maintains a strong financial health rating. Following these purchases, Hirshberg holds a total of 29,130 shares directly, with an additional 5,000 shares held indirectly through the Charles S. Hirshberg, M.D. Revocable Trust. This acquisition reflects Hirshberg’s continued investment in the company, which operates in the drilling oil and gas wells sector. InvestingPro analysis reveals that management has been actively buying back shares, with 8 additional exclusive ProTips available to subscribers. The stock currently appears undervalued based on InvestingPro’s comprehensive Fair Value analysis.

In other recent news, Noble Corporation has been actively securing contracts for its drilling vessels, such as the Noble Venturer, Noble Globetrotter I, and Noble Developer, though the pace of contracting has not matched the high levels seen in 2022-23, according to JPMorgan. The company is also integrating operations with Diamond Offshore, with the majority of anticipated cost synergies expected to be realized in 2025. Noble’s management has provided guidance for 2025’s adjusted EBITDA, which falls slightly below consensus due to challenges in securing contracted work for the BlackRhino in the US Gulf. Evercore ISI has adjusted its outlook on Noble Corporation, reducing the price target to $34 from $41, citing reduced demand for idled capacity. Meanwhile, Benchmark analysts have maintained their Hold rating, noting the company’s pricing stability for its 7G and 6G drillships.

Noble Corporation has announced plans to sell two cold-stacked drillships, the Pacific Meltem and Pacific Scirocco, to eliminate stacking costs. The company is also preparing to bid its Noble Valiant drillship and Noble Voyager for global work opportunities. JPMorgan forecasts Noble’s fourth-quarter 2024 EBITDA to be $295 million, aligning with consensus estimates, and projects 2025 EBITDA at $1,220 million, slightly above street estimates. Noble anticipates a significant reduction in capital expenditures for 2025, contributing to stronger free cash flow. The company returned $578 million to shareholders in 2024 and still has $390 million left in its buyback authorization.

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