Here is What Hedge Funds Think About Noble Corp plc (NE)

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Because Noble Corp plc (NYSE:NE) has faced bearish sentiment from the aggregate hedge fund industry, we can see that there was a specific group of funds that decided to sell off their entire stakes by the end of the third quarter. Interestingly, Daniel Bubis’s Tetrem Capital Management said goodbye to the biggest position of all the hedgies followed by Insider Monkey, totaling about $18.1 million in stock, and David Costen Haley’s HBK Investments was right behind this move, as the fund sold off about $12.4 million worth of NE shares. These bearish behaviors are important to note, as total hedge fund interest fell by 5 funds by the end of the third quarter.

Let’s check out hedge fund activity in other stocks similar to Noble Corp plc (NYSE:NE). These stocks are Compass Minerals International, Inc. (NYSE:CMP), Agios Pharmaceuticals Inc (NASDAQ:AGIO), United Bankshares, Inc. (NASDAQ:UBSI), and Black Stone Minerals LP (NYSE:BSM). This group of stocks’ market valuations are similar to NE’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
CMP 10 82064 -8
AGIO 9 31267 -7
UBSI 7 29465 1
BSM 4 70758 -1

As you can see these stocks had an average of 8 hedge funds with bullish positions and the average amount invested in these stocks was $53 million. Compass Minerals International, Inc. (NYSE:CMP) is the most popular stock in this table. On the other hand Black Stone Minerals LP (NYSE:BSM) is the least popular one with only 4 bullish hedge fund positions. Noble Corp plc (NYSE:NE) is the superstar of this group, having attracted a total of $187 million in investments from 22 elite funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

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