Reasons for Noble Corporation’s performance
Recently, Noble Corporation (NE) disclosed through 4A filings to the U.S. Securities and Exchange Commission (SEC) changes in its beneficial ownership of securities. Information disclosure is always positive for a company. It boosts investors’ confidence since the company is disclosing more information. On February 26, 2016, major offshore drillers gained. Offshore drillers such as Ensco (ESV), Nobel Corporation (NE), and Transocean (RIG) rose 6.7%, 9%, and 5.1%, respectively, on that day
Noble Corporation (NE) is currently trading 24.5% below its 100-day moving average. For comparison, the Energy Select Sector SPDR Fund (XLE) is trading 7% below its 100-day moving average. During the last six months, the stock was trading on par with its 100-day moving average. On December 1, 2015, the stock fell below its 100-day moving average. However, on February 3, 2016, the stock crossed its 100-day moving average. Currently, the stock is trading 23% above its 52-week low is and 7.2% above its 20-day moving average. Wall Street analysts’ consensus estimate suggests a 13% rise for Noble Corporation over the next 12 months. The graph above shows the price movement of Noble Corporation (NE).
SPY’s top performers
On Friday, February 26, 2016, the stocks at the top of the SPDR S&P 500 ETF (SPY) were Noble Corporation (NE), Marathon Oil (MRO), Chesapeake Energy (CHK), and Cabot Oil & Gas (COG). These stocks rose 9%, 8.7%, 5.5%, and 5.3%, respectively. Among these stocks, Noble Corporation emerged as the top performer of SPY.
Correction: This article originally claimed that Noble Corporation was involved with the Leviathan gas field and that this involvement affected the company’s performance. However, this mistake was a result of confusing Noble Corporation with Noble Energy. Noble Corporation is not involved with the Leviathan field. We have revised the post to remove this incorrect claim. We regret this error.