Denton Blake, Senior Vice President of Marketing & Contracts at Noble Corp plc (NYSE:NE), recently sold 30,000 shares of the company. The shares were sold at a weighted average price of $35.72, ranging between $35.62 and $35.79, amounting to a total transaction value of approximately $1.07 million. Following this sale, Blake retains ownership of 83,208 shares in the company.
In other recent news, Noble Corporation has expressed a positive sentiment following its acquisition of Diamond Offshore. This successful merger resulted in the addition of 41 rigs and a $2 billion increase in backlog. The company has also reported a rise in adjusted EBITDA and free cash flow, which are expected to boost future revenues.
Noble Corporation has completed $360 million in share repurchases, with another $400 million buyback announced. The company projects Q4 revenue between $850 million and $890 million, with adjusted EBITDA between $275 million and $305 million. Despite not providing specific guidance for the upcoming period, the company anticipates a strong contracting environment and a significant reduction in capital expenditures post-2024.
The company also sees growth opportunities in the Golden Triangle, South America, and West Africa. The integration with Diamond is expected to bring about $100 million in synergies within a year. These are notable recent developments for the company.
InvestingPro Insights
The recent insider sale by Denton Blake comes at a time when Noble Corp (OTC:NEBLQ) plc (NYSE:NE) is showing mixed financial signals. According to InvestingPro data, the company's market capitalization stands at $5.56 billion, with a P/E ratio of 10.02, suggesting a relatively modest valuation compared to some industry peers.
Noble Corp's financial health appears robust, with an InvestingPro Tip indicating that liquid assets exceed short-term obligations. This financial stability is further underscored by the company's profitability over the last twelve months, as noted in another InvestingPro Tip.
The company's revenue growth is noteworthy, with a 13.79% increase in quarterly revenue as of Q3 2024. Additionally, Noble Corp boasts a strong EBITDA growth of 23.52% over the last twelve months, signaling improving operational efficiency.
Investors should also take note of Noble Corp's attractive dividend yield of 5.7%, which has seen significant growth with a 66.67% increase over the last twelve months. This could be particularly appealing for income-focused investors.
It's worth mentioning that InvestingPro offers additional insights, with 5 more tips available for Noble Corp, providing a more comprehensive analysis for potential investors. These tips can be accessed through the InvestingPro product, offering a deeper dive into the company's financial health and market position.
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