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Global Hunter Sees Noble Catching Fast Money Following Transocean's Dip on Friday

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Global Hunter's Brian Uhlmer issued a note early Monday suggesting the fast money may shift from Transocean (NYSE: RIG) to Noble Corp. (NYSE: NE) in the wake of a 1.3 percent decline on Friday. Traders attributed the move lower in Transocean to shareholders rejection of Carl Icahn's dividend plan.

Uhlmer believes Noble Corp. could outperform moving forward as news of a potential spin off trickles out. The analyst also pointed to less downside risk in Noble given the current weakening dayrate environment.

Global Hunter's Uhlmer reiterated a Buy rating and raised the price target on Noble shares from $46 to $56.

Noble (NYSE: NE) is up 17 percent YTD and closed on May 17th at 40.66. Stock is up over 3 percent at last check.

Latest Ratings for NE

DateFirmActionFromTo
Oct 2019MaintainsUnderweight
Sep 2019DowngradesOutperformSector Perform
Sep 2019DowngradesNeutralSell

View More Analyst Ratings for NE
View the Latest Analyst Ratings

Posted-In: Analyst Color Price Target Reiteration Analyst Ratings

 

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