Should You Buy Noble Corporation Ordinary Shares (UK) (NE)?

As one would reasonably expect, some big names have jumped into Noble Corporation Ordinary Shares (UK) (NYSE:NE) headfirst. Elliott Management, managed by Paul Singer, established the most valuable call position in Noble Corporation Ordinary Shares (UK) (NYSE:NE). Elliott Management had $17.1 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also initiated a $6.3 million position during the quarter. The other funds with new positions in the stock are Zach Schreiber’s Point State Capital, Lee Ainslie’s Maverick Capital, and Arvind Sanger’s GeoSphere Capital Management.

Let’s also examine hedge fund activity in other stocks similar to Noble Corporation Ordinary Shares (UK) (NYSE:NE). We will take a look at MicroStrategy Incorporated (NASDAQ:MSTR), Rexnord Corp (NYSE:RXN), Watts Water Technologies Inc (NYSE:WTS), and Pretium Resources Inc (NYSE:PVG). All of these stocks’ market caps are closest to NE’s market cap.

As you can see these stocks had an average of 15.5 hedge funds with bullish positions and the average amount invested in these stocks was $268 million. That figure was $278 million in NE’s case. MicroStrategy Incorporated (NASDAQ:MSTR) is the most popular stock in this table. On the other hand Watts Water Technologies Inc (NYSE:WTS) is the least popular one with only 11 bullish hedge fund positions. Compared to these stocks Noble Corporation Ordinary Shares (UK) (NYSE:NE) is more popular among hedge 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.