SUGAR LAND (LON:LAND), Texas - Noble Corporation plc (NYSE: NE, CSE: NOBLE) has announced plans to voluntarily delist from NASDAQ Copenhagen, choosing to maintain its primary listing solely on the New York Stock Exchange (NYSE). Citing the low trading volume of its Danish Shares on NASDAQ, Noble states that the NYSE listing ensures adequate liquidity for shareholders, as it represents about 99% of the company's trading volume.
The decision follows a thorough review by the company, which concluded that the costs and administrative efforts required to support a dual listing are no longer warranted. Noble anticipates that the delisting will occur in late 2024 or early 2025 and expects to redirect the savings from this move towards initiatives aimed at enhancing shareholder value.
Shareholders holding Danish Shares on NASDAQ are advised to either transfer their shares to the NYSE or sell them before the delisting takes effect. The company has yet to file a formal delisting request with NASDAQ, and further details will be provided once the request is submitted.
Noble Corporation, an offshore drilling contractor, has been in the oil and gas industry since 1921. The company operates a modern fleet designed for ultra-deepwater and high-specification jackup drilling opportunities worldwide.
This announcement contains forward-looking statements regarding the NASDAQ listing, potential delisting, and its timing and implications. These statements are subject to risks, uncertainties, and assumptions, and actual results may differ materially from those projected.
The information in this article is based on a press release statement from Noble Corporation plc.
In other recent news, Noble Corporation has made notable strides in its financial and operational performance. The offshore drilling contractor reported a substantial year-over-year increase in adjusted EBITDA in Q1 2024, reaching $183 million, marking a 32% rise. This strong performance is attributed to strategic projects and successful contract preparations, with several new contracts for rigs in the pipeline.
In addition to financial performance, Noble Corporation has announced plans to acquire Diamond Offshore Drilling Inc (OTC:DOFSQ). This strategic move is expected to enhance Noble's fleet with a combined total of 41 rigs and provide strong contract coverage through 2025. The acquisition, facilitated by an amendment in Noble's existing credit agreement, is anticipated to close between the fourth quarter of 2024 and the first quarter of 2025.
Analysts from Barclays (LON:BARC) view this acquisition positively and have reaffirmed their Overweight rating on Noble Corporation, maintaining a steady price target of $59.00. In parallel, another analyst note maintained a Buy rating on Noble Corporation with a price target of $63.00.
These recent developments highlight Noble Corporation's commitment to growth and shareholder returns, with a 25% increase in its quarterly dividend declared for the third quarter of 2024. The company also maintains a full-year 2024 revenue guidance between $2.55 billion and $2.7 billion.
InvestingPro Insights
In light of Noble Corporation's recent announcement to delist from NASDAQ Copenhagen, a closer look at the company's financial health and market performance using InvestingPro's real-time data and analytics may offer shareholders and potential investors additional insights. Noble Corporation is currently trading at a P/E ratio of 13.99, which is considered low relative to its near-term earnings growth. This could indicate that the stock is undervalued, presenting a potentially attractive entry point for value investors.
InvestingPro data further shows that Noble Corporation has a robust revenue growth of 45.87% over the last twelve months as of Q1 2024, signaling strong business performance. The company's gross profit margin stands at a healthy 40.76%, underscoring its ability to maintain profitability in its operations.
Moreover, with liquid assets exceeding short-term obligations, Noble Corporation appears to be in a good position to meet its immediate financial liabilities. This financial stability is complemented by a moderate level of debt, which suggests a balanced approach to leveraging and risk management.
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