Noble Corporation Plc (NE) Rose on Increased Offshore Drilling Business

Scout Investments, Inc, an affiliate of Carillon Tower Advisers, Inc, released the “Carillon Scout Mid Cap Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. Major equity indices began the quarter on a positive note, but as the quarter progressed, they succumbed to increased interest rates and economic concerns. Large caps outperformed mid and small caps in a restricted market driven by a number of giant tech and media businesses that controlled the performance of the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Carillon Scout Mid Cap Fund highlighted stocks like Noble Corporation Plc (NYSE:NE) in the third quarter 2023 investor letter. Headquartered in Sugar Land, Texas, Noble Corporation Plc (NYSE:NE) is an offshore drilling contractor for the oil and gas industry. On December 19, 2023, Noble Corporation Plc (NYSE:NE) stock closed at $46.64 per share. One-month return of Noble Corporation Plc (NYSE:NE) was 4.46%, and its shares gained 27.40% of their value over the last 52 weeks. Noble Corporation Plc (NYSE:NE) has a market capitalization of $6.578 billion.

Carillon Scout Mid Cap Fund made the following comment about Noble Corporation Plc (NYSE:NE) in its Q3 2023 investor letter:

“Noble Corporation Plc (NYSE:NE), an offshore contract driller, benefited from improved sentiment regarding the offshore drilling business as higher day rates, the all-in daily costs of renting a drilling rig, were reported across the industry. The supply and demand for offshore rigs has tightened considerably.”

A modern drilling platform out at sea, catching the suns glimmer.

Noble Corporation Plc (NYSE:NE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held Noble Corporation Plc (NYSE:NE) at the end of third quarter which was 41 in the previous quarter.

We discussed Noble Corporation Plc (NYSE:NE) in another article and shared the list of high growth energy stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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 Disclosure: None. This article is originally published at Insider Monkey.