Noble Slides 5.2% as Q3 Loss Widens to $117M, Capex Outlook Raised
NE sits 64% above its 52-week low of $27.67.
Summary
Noble's Q3 net loss widened to $117M, or $0.73 a share, from $21M ($0.13) a year earlier and $37M in Q2, with revenue down to $729M from $798M as rigs moved between contracts. Shares fell 5.2% Tuesday, the first market reaction to the loss reported after Monday's close. The offsetting positives: $560M of new awards since July lifted backlog to $6.7B, including a four-well TotalEnergies job in Nigeria starting Q4 2026 and a five-well Ghana campaign for mid-2027. Guidance was narrowed rather than cut — revenue to $2.85B-$2.9B and adjusted EBITDA to $850M-$900M — but capex rose to $680M-$705M on customer reimbursables, and the $0.50 quarterly dividend held despite negative free cash flow. Management expects contracted fleet capacity in H2 2027 to run about 20% above H1, which is the number that matters for the utilization recovery story.
At the time of this announcement, NE was trading at $45.28 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $7.2B. The 52-week trading range was $27.67 to $54.98. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.