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In recent transactions involving Noble Corp plc (NYSE:NE), Charles M. Sledge, a director at the company, made notable acquisitions of the company’s stock. On February 20, 2025, Sledge purchased 8,992 A Ordinary Shares at a price of $27.83 per share, totaling approximately $250,247. Following this purchase, Sledge’s direct holdings in the company increased to 38,361 shares. The purchase comes as Noble Corp trades near its 52-week low, with the stock currently at $27.19. According to InvestingPro analysis, the company appears undervalued, offering an attractive 7.43% dividend yield with a modest P/E ratio of 7.81.
Additionally, on February 21, 2025, a series of transactions were recorded involving the transfer of shares at no cost. These transactions, coded differently from the purchase, involved the disposition and acquisition of shares among Sledge’s direct and indirect holdings. Notably, 4,167 shares were transferred to Sledge’s children, with the reporting indicating that Sledge may be deemed to have beneficial ownership of these securities. With Noble Corp’s market capitalization at $4.35 billion and a "GOOD" Financial Health Score from InvestingPro, investors should note the company’s upcoming earnings report in 7 days.
These transactions reflect ongoing activity by Sledge in managing his holdings in Noble Corp, a company engaged in drilling oil and gas wells, headquartered in Houston, Texas. Get deeper insights into Noble Corp’s valuation and 10+ additional ProTips with an InvestingPro subscription, including exclusive access to comprehensive Pro Research Reports.
In other recent news, Noble Corporation has been actively securing contracts for its drilling vessels, including the Noble Venturer, Noble Globetrotter I, and Noble Developer. Despite these efforts, JPMorgan notes that the pace of contracting has not matched the high levels observed in 2022-23. The company received an early termination notice from INPEX for the Noble Deliverer rig but will receive the remaining contract value as a termination fee, which will be reported in the fourth-quarter 2024 earnings. Evercore ISI has reduced its price target for Noble Corporation to $34, citing a decrease in demand for idled capacity, while Benchmark maintained a Hold rating, emphasizing the company’s pricing stability in the offshore drilling sector.
Noble’s management has provided guidance for a reduction in capital expenditures for 2025, contributing to stronger free cash flow. The integration of Diamond Offshore is progressing, with expected synergies to be fully realized by year-end. Analysts at JPMorgan forecast Noble’s fourth-quarter 2024 EBITDA at $295 million, aligning with consensus estimates, and project $1,162 million and $1,220 million for 2024 and 2025, respectively. The company continues to prioritize maximizing capital returns, with a significant buyback authorization remaining and a free cash flow yield of 2% for 2024. Noble Corporation’s ongoing efforts to secure contracts and maintain pricing stability are central to its current market strategy.
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