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Noble Corp. +12% on smaller than expected Q4 loss, lifting drillers

Feb. 10, 2017 12:30 PM ETNoble Corporation plc (NE) StockATW, RIG, RDC, NE, SDRL, PACD, DO, VALBy: Carl Surran, SA News Editor8 Comments
  • Noble Corp. (NE +12.7%) surges after reporting a narrower than expected Q4 loss and stronger than expected revenues of $410M, even though sales came in 52% below year-ago levels and analysts remain generally neutral on the stock.
  • NE says its $1B-plus revenue base, along with further reductions in contract drilling costs and capital spending, should result in another year of positive free cash flow.
  • Stephens reiterates an Equal Weight rating and $7 price target on the stock, saying NE has proven its ability to successfully manage its cost structure, execute operationally and generate cash flow (~$105M in Q4) despite difficult market conditions.
  • Raymond James reiterates its Market Perform rating, as NE’s commitment to cost rationalization largely drove the better than expected Q4 results, with contract drilling expenses of $177M coming in below the middle of NE’s $190M-$205M guidance range.
  • Offshore drillers are broadly higher: RIG +2.1%, ATW +3%, RDC +3.1%, ESV +6.9%, DO +4.6%, SDRL +13.1%, PACD +5.2%.

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