Noble Corporation (NE): Are Hedge Funds Flocking to This Stock?

Noble Corporation (NYSE:NE) is a Switzerland-based offshore-drilling contractor for the oil and gas industry with major operations in the U.S., the Gulf of Mexico and Alaska, the Mediterranean, the Asia Pacific, the Middle East, West Africa, India, Brazil and the North Sea.

Recently the company also announced that  senior vice president of operations Bernie G. Wolford will present next week at the Wells Fargo Securities 12th Annual Energy Symposium in New York City. Noble Corporation (NYSE:NE) also announced that vice president of investor relations and corporate communications Jeffrey L. Chastain will be separately representing the company next week at the Capital One South Coast 8th Annual Energy Conference in New Orleans.

Over the past six months, the stock of Noble Corporation (NYSE:NE) has delivered approximately 3.25-percent negative returns. So while the company officials will enlighten the audiences with their presentations next week, investors could track the hedge fund managers and company insiders to take a glimpse on what these smart people are doing with their investment in the stock.

Noble Corporation (NYSE:NE)

Hedge fund activity in Noble Corporation (NYSE:NE)

At the end of the third quarter, 51 of the hedge funds we track were long in this stock, an impressive increase of 19 percent from one quarter earlier. With hedgies’ sentiment swirling, there exists a few noteworthy hedge fund managers who were upping their stakes considerably.

Of the funds tracked by Insider Monkey, Fir Tree, managed by Jeffrey Tannenbaum, holds the most valuable position in Noble Corporation (NYSE:NE) with investment worth $451.1 million, comprising 6.2 percent of its total investment portfolio. The second-most bullish hedge fund is Valinor Management LLC, managed by David Gallo, which held a $127.9-million position; 4.7 percent of its total portfolio. Other hedgies that hold long positions are Frank Brosens of Taconic Capital and Michael Lowenstein of Kensico Capital.

As interest increased, key hedge funds have jumped into Noble Corporation (NYSE:NE) headfirst. Marshall Wace LLP, managed by Paul Marshall and Ian Wace, assembled the biggest position in Noble Corporation with an investment worth $16.3 million at the end of the quarter. Matthew Tewksbury of Stevens Capital Management also made a $15-million investment in the stock during the quarter. The following fund managers were also among the new investors and included Louis Bacon of Moore Global Investments, Clint Carlson of Carlson Capital and Chao Ku of Nine Chapters Capital Management.

What have insiders been doing with Noble Corporation (NYSE:NE)?

Over the latest 180-day time period, Noble Corporation (NYSE:NE) has experienced zero unique insider buys and two insider sales (see the details of insider trades here).

Let’s also review hedge-fund and insider activity in other stocks similar to Noble Corporation (NYSE:NE). These stocks are ENSCO PLC (NYSE:ESV), Cheniere Energy, Inc. (NYSEAMEX:LNG), Markwest Energy Partners LP (NYSE:MWE), Concho Resources Inc. (NYSE:CXO), and Diamond Offshore Drilling Inc (NYSE:DO). This group of stocks belongs to the oil and gas drilling and exploration industry and their market caps are closest to NE’s market cap.

Company Name # of Hedge Funds # of Insiders Buying # of Insiders Selling
ENSCO PLC (NYSE:ESV) 30 0 6
Cheniere Energy, Inc. (NYSEAMEX:LNG) 46 0 7
Markwest Energy Partners LP (NYSE:MWE) 12 0 3
Concho Resources Inc. (NYSE:CXO) 27 0 1
Diamond Offshore Drilling Inc (NYSE:DO) 22 0 0

While Cheniere Energy, Inc. (NYSEAMEX:LNG) seems to be a favorite among hedge-fund managers with 46 funds holding investments, it does seem to be attractive among insiders. Noble Corporation (NYSE:NE) is competitive among hedge-fund interests and its insider activity is on par with peers in the sector.


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