Should You Invest in Noble (NE)?
ClearBridge Investments, an investment management firm, released its third-quarter 2023 “Mid Cap Strategy” investor letter, which can be downloaded here. The strategy outperformed its benchmark, the Russell Midcap Index, in the quarter. The strategy gained across two of the 11 sectors in which it was invested on an absolute basis. Financials and energy sectors were the leading contributors, while the healthcare sector detracted. Overall stock selection effects contributed favorably to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Mid Cap Strategy highlighted stocks like Noble Corporation Plc (NYSE:NE) in the third quarter 2023 investor letter. Headquartered in Sugar Land, Texas, Noble Corporation Plc (NYSE:NE) is an offshore drilling contractor for the oil and gas industry. On December 11, 2023, Noble Corporation Plc (NYSE:NE) stock closed at $42.58 per share. One-month return of Noble Corporation Plc (NYSE:NE) was -12.40%, and its shares gained 21.03% of their value over the last three months. Noble Corporation Plc (NYSE:NE) has a market capitalization of $6.005 billion.
ClearBridge Mid Cap Strategy made the following comment about Noble Corporation Plc (NYSE:NE) in its third 2023 investor letter:
"We initiated a new position inNoble Corporation Plc (NYSE:NE), a leading offshore drilling contractor for the oil and gas industry. Consolidation and underinvestment has significantly depleted the number of drilling ships available to meet the growing demand for offshore oil drilling, giving the company greater pricing power. Armed with a clean balance sheet and significant cash flow generation as day rates for its fleet rise, we believe the company will be a prime beneficiary of resurgent energy demand and investment in oil and gas drilling."
A worker in safety gear with a drill rig in a sprawling oilfield.
Noble Corporation Plc (NYSE:NE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held Noble Corporation Plc (NYSE:NE) at the end of third quarter which was 41 in the previous quarter.
We discussed Noble Corporation Plc (NYSE:NE) in another article and shared the list of stocks under $50 to buy. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
