Noble Corp (NYSE:NE) Rises as Oil Pries Bounce Back

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Growth of oil or petrol price. Barrels and graph.

Growth of oil or petrol price. Barrels and graph.Noble Corp. (NYSE:NE) benefits on rising oil prices Monday morning. The company’s stock rose 5.83% before slowly falling to a 4.90% increase by mid-afternoon. The company’s stock hit a daily high of $14.52. Crude oil prices rose Monday morning as the U.S. dollar decreased.

Saudi Arabia also announced that the country is producing near record-high volumes of oil, with production levels reaching near 10 million barrels a day. The country has stated that they do not plan to reduce production levels unless other producers do the same.

Noble Corp is a British company that has had its net income decrease significantly. The company’s current stock price is a clear example of how a falling dollar has helped oil-related companies rise. The company has a weak cash flow as well as a low return on equity.

Investors are urged to sell Noble Corp stock as it rises today.

The company has been on a downward trend over the past year. Not only are earnings per share declining for the second year in a row, but the company has missed all analyst estimates. The company’s earnings data, released in February, missed earnings per share estimates by $0.03 and revenue by nearly $3 million. Earnings per share were $0.47, down from $0.82 a year earlier.

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