Copenhagen-based APMH Invest A/S, a major shareholder in Noble Corp plc (NYSE:NE), has increased its stake in the company with a series of substantial share purchases. According to a recent SEC filing, APMH Invest acquired a total of 700,000 A Ordinary Shares in transactions conducted on November 8 and November 11, 2024. The shares were purchased at a weighted average price range between $34.58 and $35.63, amounting to a total investment of approximately $24.5 million.
APMH Invest, a wholly owned subsidiary of A.P. Moller Holding A/S, now holds over 31 million shares of Noble Corp, reflecting its continued confidence in the drilling oil and gas wells sector. The transactions highlight the firm's strategic positioning in the energy and transportation industry, with Noble Corp being a key player in this space.
In other recent news, Noble Corporation has expressed optimism following the successful acquisition of Diamond Offshore, as reported in its Third Quarter 2024 Earnings Conference Call. The acquisition has resulted in the addition of 41 rigs and a $2 billion increase in backlog. Noble Corporation also announced shareholder returns through dividends and share repurchases, including a new $400 million buyback. The company reported a Q3 adjusted EBITDA of $291 million and free cash flow of $165 million, with projected Q4 revenue between $850 million and $890 million.
Despite concerns in the jack-up market, commercial activities remain positive with contracts from major players like ExxonMobil (NYSE:XOM) and Shell (LON:SHEL). The company also foresees a strong contracting environment into 2025 and anticipates a significant reduction in capital expenditures post-2024. Growth opportunities have been identified in the Golden Triangle, South America, and West Africa. These recent developments suggest a robust future for Noble Corporation. However, the company has not provided specific guidance for the upcoming period due to ongoing negotiations.
InvestingPro Insights
The recent share purchases by APMH Invest A/S align with Noble Corp's (NYSE:NE) strong financial performance and market position. According to InvestingPro data, Noble Corp boasts a market capitalization of $5.66 billion and has demonstrated solid profitability with a 42.04% gross profit margin over the last twelve months as of Q3 2024. The company's revenue growth of 13.79% in Q3 2024 suggests a robust operational performance, which may have influenced APMH Invest's decision to increase its stake.
InvestingPro Tips indicate that Noble Corp has been profitable over the last twelve months and analysts predict continued profitability this year. This positive outlook is further supported by the company's strong liquidity position, with liquid assets exceeding short-term obligations. These factors likely contribute to the investor confidence demonstrated by APMH Invest's substantial share purchases.
Notably, Noble Corp offers an attractive dividend yield of 5.56%, with a remarkable dividend growth of 66.67% over the last twelve months. This generous shareholder return policy may be another factor attracting major investors like APMH Invest.
While the company has experienced a 20.41% price decline over the past year, the recent 13.08% price increase in the last week suggests a potential turnaround. This recent uptick could be related to APMH Invest's share acquisitions and may indicate growing market optimism about Noble Corp's prospects.
For investors seeking more comprehensive insights, InvestingPro offers 6 additional tips for Noble Corp, providing a deeper understanding of the company's financial health and market position.
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