Noble Corp Plc Up 6.34% To $49.64 After Earnings Beat

Wednesday, November 1, 2023 - Noble Corp Plc (NE) reported upside earnings and revenues today.

The consensus among analysts for Noble Corp Plc was for an earnings per share (EPS) of $0.80. The firm was able to surpass those projections, reporting an EPS of $0.87, a positive surprise of $0.07 (9%). Profits rose 74% year-over-year after reporting an EPS of $0.50 in its year-ago quarter. The positive growth rate signals that the Energy company is performing well amid recent economic conditions.

Revenues were upbeat at $697.5 million. That is an increase of 128.02% in revenues from the year-ago report and is 8.21% higher than consensus estimates set at $644.5 million.

The stock is up 6.34% to $49.64 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 66. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Noble Corp is an offshore drilling contractor for the oil and gas industry. The company operates under one segment namely, Contract Drilling Services. The fleet consists of around 19 drilling rigs consisted of 7 floaters and 12 jackups. Its geographical segments are Australia, Canada, Denmark, Guyana, Myanmar, Qatar, Saudi Arabia, Malaysia, Trinidad & Tobago, United Kingdom, United States, and other countries.