Noble Corporation plc A (NE) Stock Analysis
Energy · Oil & Gas Drilling
Sell if holding. At $45.40, A.R:R is negative (-0.6) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Customer: ExxonMobil (19.7%); Concentration risk — Customer: BP (13.2%).
Noble Corporation is a leading offshore drilling contractor with a fleet of 36 mobile offshore drilling units (25 floaters, 11 jackups) operating globally across deepwater and ultra-harsh environments. Revenue is earned on dayrate contracts with international oil companies;... Read more
Sell if holding. At $45.40, A.R:R is negative (-0.6) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Customer: ExxonMobil (19.7%); Concentration risk — Customer: BP (13.2%). Chart setup: No clear chart pattern; technical signals are mixed. Score 4.8/10, moderate confidence.
Passes 6/9 gates (positive momentum, clean insider activity, news events none recent, earnings proximity 45d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: moderate.
About Noble Corporation plc A
About Noble Corporation plc A
Noble Corporation plc's 2025 revenues were concentrated across three customers — ExxonMobil (19.7%), BP (13.2%), and Petrobras (12.5%) — and three geographies: the US Gulf (27.1%), Guyana (19.7%), and the North Sea (16.9%). Noble completed the acquisition of Diamond Offshore Drilling on September 4, 2024, bringing total fleet size to 36 rigs (25 floaters and 11 jackups) as of December 31, 2025, with approximately 4,500 employees. Fleet operations spanned Africa, Far East Asia, the North Sea, Oceania, South America, and the US Gulf.
Noble earns revenue through day-rate contracts awarded competitively with major integrated, independent, and national oil companies, with rates varying by rig specification, water depth capability, and market conditions. The company operates primarily through ultra-deepwater drillships (17 units capable of 12,000-foot water depths) and ultra-harsh environment jackups in Norway and the UK. Contract backlog at year-end 2025 was concentrated in four customers: ExxonMobil (23.7%), Shell plc (19.5%), BP (16.2%), and TotalEnergies (12.6%). Brent crude averaged $68 per barrel in 2025 and settled in the mid-to-high $60s in early 2026 — levels supportive of offshore activity, though management flagged near-term utilization headwinds from OPEC's stated intent to increase production and economic uncertainty from recent trade policy. Contracts with national oil companies such as Petrobras may expose Noble to greater commercial and political risks, including potential termination without cause under certain conditions.
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ExxonMobil stands as Noble's largest customer by both 2025 revenue share (19.7%) and contract backlog (23.7%), with multiple drillships contracted in Guyana — the company's second-largest revenue geography at 19.7% of 2025 revenues. This overlap means a single-country disruption in Guyana could simultaneously affect both the dominant customer relationship and the second-most-important geography. The 10-K states that if ExxonMobil were to terminate contracts and Noble were unable to find replacement customers promptly, the impact on financial condition and results of operations could be material.
See also: Energy · Oil & Gas Drilling
From Noble Corporation plc A's most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-06-15Recent Developments — Noble Corporation plc A
Latest news
- NEWS Noble (NE) Q1 2025 Earnings Call Transcript - AOL.com — AOL.com neutral
- NEWS Noble (NE) Q3 2024 Earnings Call Transcript - The Globe and Mail — The Globe and Mail neutral
- NEWS Noble (NE) Q1 2025 Earnings Call Transcript - The Globe and Mail — The Globe and Mail neutral
- NEWS NE (Noble) reports sharp EPS miss even as 7.5 percent annual revenue growth drives minor share gains. - Social Momentum — Xã Vĩnh Công negative
- NEWS Noble (NYSE:NE) Rating Lowered to Strong Sell at Zacks Research - MarketBeat — MarketBeat negative
Generated 2026-06-17T08:56:48Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHCustomerExxonMobil20%10-K Item 1: 'ExxonMobil, BP, and Petrobras accounted for approximately 19.7%, 13.2%, and 12.5% respectively, of our consolidated operating revenues for the year ended December 31, 2025'
- HIGHCustomerBP13%10-K Item 1: 'ExxonMobil, BP, and Petrobras accounted for approximately 19.7%, 13.2%, and 12.5% respectively, of our consolidated operating revenues for the year ended December 31, 2025'
- HIGHCustomerPetrobras13%10-K Item 1: 'ExxonMobil, BP, and Petrobras accounted for approximately 19.7%, 13.2%, and 12.5% respectively, of our consolidated operating revenues for the year ended December 31, 2025'
- MEDIUMGeographicUS Gulf27%10-K Item 1A: 'operations in the US Gulf, Guyana, and the North Sea accounted for approximately 27.1%, 19.7%, and 16.9%, respectively, of our consolidated operating revenues for the year ended December 31, 2025'
- HIGHGeographicGuyana20%10-K Item 1A: 'operations in the US Gulf, Guyana, and the North Sea accounted for approximately 27.1%, 19.7%, and 16.9%, respectively, of our consolidated operating revenues for the year ended December 31, 2025'
Material Events(8-K, last 90d)
- 2026-03-16Item 5.02LOWKristin Holth resigned as Director effective at commencement of 2026 Annual General Meeting; will not stand for re-election. No disagreement with Board cited.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
3 floor-breakers
Revenue shrinking — -10.8% YoY. Growth thesis broken unless recovery story develops.static
No near-term catalyst priced in. Thesis progression will come from fundamentals grinding, not event reaction.static
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. At $45.40, A.R:R is negative (-0.6) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Customer: ExxonMobil (19.7%); Concentration risk — Customer: BP (13.2%). Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $43.28. Score 4.8/10, moderate confidence.
Take-profit target: $53.30 (+17.2% upside). Prior stop was $43.28. Stop-loss: $43.28.
Concentration risk — Customer: ExxonMobil (19.7%); Concentration risk — Customer: BP (13.2%); Analyst target reached - limited upside remaining.
Noble Corporation plc A trades at a P/E of 32.8 (forward 18.3). TrendMatrix value score: 5.7/10. Verdict: Sell.
20 analysts cover NE with a consensus score of 3.7/5. Average price target: $50.
What does Noble Corporation plc A do?Noble Corporation is a leading offshore drilling contractor with a fleet of 36 mobile offshore drilling units (25...
Noble Corporation is a leading offshore drilling contractor with a fleet of 36 mobile offshore drilling units (25 floaters, 11 jackups) operating globally across deepwater and ultra-harsh environments. Revenue is earned on dayrate contracts with international oil companies; ExxonMobil, BP, and Petrobras accounted for 19.7%, 13.2%, and 12.5% of 2025 revenues respectively.