Noble Corporation Sees Price Targets Raised to $42 and $36, $1.3B Backlog
BTIG lifted Noble Corporation’s price target by $7 to $42 while Barclays increased its target by $3 to $36, both maintaining bullish ratings. The company secured nine new rig contracts worth $1.3 billion of backlog and plans to redeploy four idle deepwater rigs, raising floater utilization to 92%.
1. Price Target Upgrades
BTIG raised its target on Noble Corporation by $7 to $42, maintaining a Buy rating, while Barclays increased its target by $3 to $36 with an Overweight rating. These revisions reflect improved market expectations for offshore drilling services.
2. New Rig Contracts and Backlog
Noble secured nine new deepwater rig awards, adding approximately $1.3 billion to its backlog. The contract wins underscore robust demand for offshore drilling capacity and support revenue visibility through 2026.
3. Fleet Utilization and Financial Outlook
Redeployment plans for four idle deepwater rigs will boost contracted floaters to 92% of the 24 marketed units, up from 75%, enhancing utilization. While one-time capex is expected in 2026, the strategy aims to drive higher fleet EBITDA and free cash flow beyond next year.