Noble Corp. closes Diamond Offshore Drilling acquisition (NYSE:NE)
Written by Emily J. Thompson, Senior Investment Analyst
Source: SeekingAlpha
Noble Corp. Acquisition: Noble Corp. has completed its acquisition of Diamond Offshore Drilling, resulting in the largest fleet of 7th generation dual-BOP drillships and adding approximately $2 billion to its backlog.
Regulatory Approval and Future Outlook: The merger received final regulatory approval from the Australia Competition & Consumer Commission, and analysts believe this strategic move will enhance Noble's revenue and cash flow during the ongoing offshore upcycle.
Analyst Views on NE
Wall Street analysts forecast NE stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for NE is 32.43 USD with a low forecast of 30.00 USD and a high forecast of 36.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
7 Analyst Rating
2 Buy
5 Hold
0 Sell
Moderate Buy
Current: 32.980
Low
30.00
Averages
32.43
High
36.00
Current: 32.980
Low
30.00
Averages
32.43
High
36.00
About NE
Noble Corporation plc is an offshore drilling contractor for the oil and gas industry. The Company performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. The Company principally conducts its contract drilling operations in Africa, Far East Asia, the Middle East, the North Sea, Oceania, South America, and the US Gulf. Its customers consist primarily of large, integrated, independent, and government-owned or controlled oil and gas companies throughout the world. It provides contract drilling services under an individual contract on a dayrate basis. Its fleet consists of various types of mobile offshore drilling units, such as floaters and jackups. Its fleet of approximately 40 drilling rigs consists of 27 floaters and 13 jackups. Its fleet includes Noble Faye Kozack, Noble Venturer, and Noble Viking.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
