Yesterday, Noble Corp. NE announced that they had acquired Frontier Drilling for $2.16 billion. According to analysts at Dahlman Rose & Co. "The all-cash transaction will expand Noble's (NE) reach within the deepwater segment and is expected to be immediately accretive to cash flows."
Noble also announced that Royal Dutch Shell RDS has awarded the company two long-term contracts. According to Dahlman Rose, with Noble's growth profile enhanced and management taking a more aggressive stance, the shares should revalue. The analysts reiterated their Buy rating and $42 price target on the stock.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Posted In: Analyst ColorNewsPrice TargetM&AIntraday UpdateAnalyst RatingsDahlman RoseEnergyOil & Gas Drilling
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in