Noble Corporation Earns Price Target Hike as Offshore Tailwinds Build

Noble Corporation plc (NYSE:NE) is one of the best oil drilling stocks according to hedge funds. On July 10, Barclays reaffirmed its Overweight rating and raised its 12-month price target to $30 (from $29), highlighting the company’s solid offshore positioning and backlog strength.

Barclays analyst Eddie Kim emphasized that even in a choppy offshore drilling market, Noble Corp (NYSE:NE)’s modern fleet and contract visibility provide cushioning. They believe rising activity later in the year could drive sustained upside beyond the $30 target.

Noble Corporation Earns Price Target Hike as Offshore Tailwinds Build

marchello74 / shutterstock.com

This isn’t a lukewarm hold, it’s a clear vote of confidence from a top-tier bank. Hedge funds love offshore contractors with rigorous fleets and multi-year deal cover, and this call puts Noble back in the spotlight.

Noble Corporation (NE) is a pure-play offshore drilling contractor with high-spec semis and drillships, focusing on deepwater and ultra-deepwater operations worldwide.

While we acknowledge the potential of NE to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NE and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None.