<div id="readability-page-1"><div><h2>Strategic moves reshape the outlook for Noble stock</h2> <p>Noble (NE) just set a new course by agreeing to sell six jackup rigs, doubling down on deepwater and ultra harsh environments, while its Globetrotter I drillship reaches the Black Sea and a major bank issues a downgrade.</p> <p>See our latest analysis for Noble.</p> <p>Those portfolio moves and the downgrade are landing against a weak backdrop, with the share price down sharply on a year to date basis. Yet a modestly positive 1 year total shareholder return suggests sentiment is bruised rather than broken, and momentum is currently fading.</p> <p>If Noble’s repositioning has you rethinking energy exposure, this could also be a good moment to explore defence linked offshore themes through aerospace and defense stocks for other potential ideas.</p> <p>With Noble trading below analyst targets yet showing only modest growth, investors face a key question: is the market overlooking the value in its deepwater pivot, or accurately pricing in a tougher multi year outlook?</p> <h2>Most Popular Narrative Narrative: 17% Undervalued</h2> <p>Compared to Noble’s last close at $28.06, the most followed narrative pins fair value materially higher, framing today’s price as a discount opportunity.</p> <p><em>Large offshore project pipelines in South America (notably Brazil), West Africa, and other regions are set to drive a rebound in ultra-deepwater drilling activity by late 2026 and 2027 due to global energy demand growth, supporting higher rig utilization and dayrates, which is likely to boost Noble's future revenue and EBITDA.</em></p> <p>Read the complete narrative.</p> <p>Want to see the financial engine behind that call? The narrative leans on steadily rising revenues, fatter margins, and a richer future earnings multiple. Curious?</p> <p><strong>Result: Fair Value of $33.60 (UNDERVALUED)</strong></p> <p>Have a read of the narrative in full and understand what's behind the forecasts.</p> <p>However, near-term rig oversupply and weaker upstream spending could erode dayrates and delay the ultra-deepwater recovery on which this undervaluation thesis leans.</p> <p>Find out about the key risks to this Noble narrative.</p> <h2>Another Angle on Valuation</h2> <p>Analysts see Noble as modestly undervalued versus their $34.00 target, but the earnings ratio tells a tougher story. At 19.7 times earnings, the stock trades above the US Energy Services average of 17.7 times and its 19.1 times fair ratio, hinting at limited room for disappointment.</p> <p>See what the numbers say about this price — find out in our valuation breakdown.</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/3cac20e4-7762-4351-b476-042d505470cf/chart/pe-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/3cac20e4-7762-4351-b476-042d505470cf/chart/pe-multiple-vs-industry"/><figcaption>NYSE:NE PE Ratio as at Dec 2025</figcaption></figure><h2> Build Your Own Noble Narrative</h2> <p>If you see the story differently or want to test your own assumptions against the numbers, you can build a personalized view in minutes: Do it your way.</p> <p>A great starting point for your Noble research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.</p> <h2>Looking for more investment ideas?</h2> <p>Smart investors rarely stop at one opportunity, so give yourself an edge by scanning fresh ideas across sectors with the Simply Wall Street Screener before the next move arrives.</p> <ul> <li>Capture potential market mispricings by reviewing these 915 undervalued stocks based on cash flows that may be trading below what their cash flows suggest.</li> <li>Position for the next wave of innovation by tracking these 24 AI penny stocks shaping how businesses use automation and intelligent software.</li> <li>Strengthen your income stream by checking out these 13 dividend stocks with yields &gt; 3% that can add reliable yield to your portfolio.</li> </ul> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data     and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your     financial situation. We aim to bring you long-term focused analysis driven by fundamental data.     Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.     Simply Wall St has no position in any stocks mentioned.</em></p><div><p>Mobile Infrastructure for Defense and Disaster</p><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p><p>Get the investor briefing before the next round of contracts</p><p><span>Sponsored On Behalf of CiTech</span></p></div></div></div>

<p>Noble (NE) is undergoing strategic changes by selling jackup rigs and focusing on deepwater environments, despite a major analyst downgrade. The stock is considered undervalued, with potential growth in ultra-deepwater drilling by 2026-2027. However, near-term challenges like rig oversupply could affect recovery. Analysts have mixed views on its valuation, with some seeing it as a discount opportunity. The article offers a detailed analysis but is not financial advice.</p>

Reassessing Noble (NE) Valuation After Jackup Sale, Globetrotter Move and a Major Analyst Downgrade