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Noble Corp plc (NYSE:NE) Senior Vice President, General Counsel & Corporate Secretary Jennie Howard recently sold shares of the company, according to a filing with the Securities and Exchange Commission. On April 1, Howard sold 808 shares of Noble Corp’s Class A Ordinary Shares at a price of $24.16 per share, resulting in a total transaction value of $19,521. The stock has since declined to $21.08, trading near its 52-week low of $20.84, presenting a potential opportunity for investors. For comprehensive insider trading analysis and additional insights, InvestingPro offers detailed reports covering over 1,400 US stocks.
In addition to the sale, Howard also acquired 2,051 shares through the vesting of restricted stock units (RSUs) on the same day. These RSUs were converted into Class A Ordinary Shares with no additional cost, as each RSU represents a contingent right to receive one share.
Following these transactions, Howard now directly owns 8,580 shares of Noble Corp. The shares sold were withheld by the issuer to satisfy tax withholding requirements upon the vesting of the RSUs.
In other recent news, Noble Corporation has announced changes to its board of directors, with two members, Mr. Alastair Maxwell and Ms. Ann D. Pickard, deciding not to stand for re-election at the 2025 Annual General Meeting. This will reduce the board size from nine to seven directors, with the company emphasizing that their departure is not due to any disagreements. Noble Corporation is also experiencing adjustments in market expectations, as Evercore ISI has lowered its price target for the company from $41 to $34, citing reduced demand for idled capacity.
In response to market changes, Noble Corporation has sold two cold-stacked drillships and is working to secure short-term contracts to address business gaps. The company is actively integrating operations with Diamond Offshore, expecting to achieve significant cost synergies by the end of the year. Benchmark analysts have maintained a Hold rating on Noble Corporation, noting the stability of drillship pricing in the mid-to-high $400,000 per day range, which reflects the company’s market strength.
JPMorgan has reiterated its Neutral rating with a $37 price target, acknowledging Noble’s recent contract achievements while noting that the pace of contracting is slower compared to previous years. Noble Corporation is also preparing for increased contracting activities towards the end of 2025 and into early 2026, with potential opportunities in the Norwegian jackup market. The company expects a 23% reduction in capital expenditures for 2025, which should enhance free cash flow, and has projected EBITDA figures that align closely with consensus estimates.
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