Barclays Boosts Noble Corp Price Target to $58, Maintains Overweight Rating
August 10, 2023
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Noble Corp ($NYSE:NE)oration plc is an offshore drilling contractor for the oil and gas industry, specializing in a high-specification fleet of floating and jack-up rigs. It is a publicly traded company on the NYSE and is based in London. Recently, Barclays has upgraded its target price for Noble Corporation to $58 from $56, while maintaining its Overweight Rating. The jack-up rigs sector of Noble’s business is a key factor in this rating increase. These rigs are used in shallow waters and can be moved from one location to another.
They are able to provide stability and reduce risk associated with more expensive deepwater drilling operations, making them a key component of Noble’s portfolio. Furthermore, the number of jack-up rigs being built is increasing, which is expected to boost Noble’s profit margins in the upcoming years. In addition to the positive outlook for jack-up rigs, Barclays believes that Noble’s strong management team and diverse fleet of rigs give the company an advantage in the industry. With these factors in mind, Barclays has increased its price target for Noble, and continues to give it an Overweight rating.
Price History
Despite the price target increase, NOBLE CORP stock opened at $52.9 and closed at $51.7, down by 1.7% from its last closing price of $52.6. It appears that the market is not yet convinced by Barclays’ bullish outlook on the company. Investors may be looking for further news around Noble Corp‘s future performance and prospects before jumping in to invest in the stock. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Noble Corp. More…
| Total Revenues | Net Income | Net Margin |
| 2.18k | 342.43 | 18.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Noble Corp. More…
| Operations | Investing | Financing |
| 392.77 | 270.01 | -565.56 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Noble Corp. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 5.2k | 1.48k | 27.13 |
Key Ratios Snapshot
Some of the financial key ratios for Noble Corp are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| – | – | 18.8% |
| FCF Margin | ROE | ROA |
| 5.9% | 6.9% | 4.9% |
Analysis
GoodWhale conducted an analysis of NOBLE CORP‘s fundamentals and, based on our Star Chart, found that it is strong in growth, medium in asset, profitability and weak in dividend. We classify NOBLE CORP as a ‘cheetah’, a type of company that achieved high revenue or earnings growth but is considered less stable due to lower profitability. What type of investors may be interested in such a company? Despite its instability, NOBLE CORP has a high health score of 10/10 with regard to its cashflows and debt, indicating that it is capable of sustaining future operations in times of crisis. Therefore, investors looking for high growth potential despite lower stability and higher risk may be interested in NOBLE CORP. More…
Peers
Noble Corp is an international drilling contractor for the oil and gas industry, providing operations in the United States, Canada, Europe, Africa, the Middle East and the Far East. The company competes with other drilling contractors such as Cathedral Energy Services Ltd, Awilco Drilling PLC, and PHX Energy Services Corp, to offer services ranging from drilling and production to well site services and engineering. Noble Corp strives to remain at the forefront of drilling technology by investing in safety and environmental initiatives, ensuring the highest standards of operational performance.
– Cathedral Energy Services Ltd ($TSX:CET)
Cathedral Energy Services Ltd is a publicly-traded oil and gas services company providing specialized services to the energy industry in North America. The company has a current market capitalization of 289.78 million dollars, indicating that it has a large market presence. The company has also achieved a Return on Equity of 5.11%, which is above the industry average, indicating that it is managing its resources efficiently and generating strong returns for shareholders.
– Awilco Drilling PLC ($OTCPK:AWLCF)
Awilco Drilling PLC is an offshore drilling contractor that provides services to the oil and gas industry. The company has a market cap of 44.69M as of 2023 and a Return on Equity of -2683.9%, which indicates that the company has been performing poorly in terms of profitability. The company’s market cap is relatively small compared to other drilling contractors, and its negative ROE suggests that investors may be wary of investing in the company. Nevertheless, the company is still committed to providing quality services and has been able to maintain a competitive position in the industry.
– PHX Energy Services Corp ($TSX:PHX)
PHX Energy Services Corp is an oilfield services company with operations primarily in Canada and the United States. The company provides services such as directional drilling, pressure and performance testing, production testing and completion, and other related services. As of 2023, PHX Energy Services Corp has a market cap of 413.57M and a Return on Equity of 16.69%, indicating that the company is performing well financially. The company’s strong financial performance is largely due to its ability to capitalize on the current market conditions in both Canada and the United States to optimize its business operations.
Summary
Noble Corporation plc is a globally active offshore drilling contractor for the oil and gas industry. Barclays has recently adjusted their price target for Noble Corporation shares to $58 from $56, maintaining an overweight rating. Investors can look to Noble Corporation for potential long-term returns given the company’s focus on a high-specification fleet of floating and jack-up rigs. With that said, investors should monitor the company’s performance as there may be some volatility in the market due to global economic conditions in the oil and gas industry.
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