Why Noble Corporation plc (NE) Soared on Tuesday

We recently published an article titled Why These 10 Stocks Soared Today. In this article, we are going to take a look at where Noble Corporation plc (NYSE:NE) stands against the other stocks that soared on Tuesday.

The stock market finished Tuesday’s trading on a positive note with all major indices ending in the green, buoyed by the influx of corporate earnings results.

The Dow Jones grew by 0.75 percent, the S&P 500 rose by 0.58 percent, and the Nasdaq was up by 0.55 percent.

Ten companies mirrored the broader market optimism, leading the charge with strong gains, predominantly driven by impressive earnings results.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.

An aerial view of a Noble Holding Corporation plc drilling facility in Sugar Land,Texas.

Noble Corporation plc (NYSE:NE)

Noble Corporation plc (NYSE:NE) saw its share prices pick up by 7 percent on Tuesday to finish at $22.47 apiece following the company’s strong earnings performance in the first quarter of the year.

On Monday, Noble Corporation plc (NYSE:NE) said net income in the first three months rose by 13.68 percent to $108 million from $95 million in the same period a year earlier, as revenues jumped by 37 percent to $874 million from $637 million year-on-year.

Further adding to the sentiment was the company’s newly secured contracts that raised its total backlog to $7.5 billion, enhancing the company’s future revenue potential.

In its fleet status report, Noble Corporation plc (NYSE:NE) said that two of its drill ships won a contract for four years each with supermajor Shell in the US Gulf of Mexico. The contract also includes four one-year extension options per rig at mutually agreed rates.

The deals are set to begin in the middle of 2026 and the fourth quarter of 2027.

Overall NE ranks 5th on our list of the stocks that soared on Tuesday. While we acknowledge the potential of NE as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than NE but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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