10 Oversold Energy Stocks To Buy Now

2. Noble Corporation plc (NYSE:NE)  

Number of Hedge Fund Investors: 38  

Forward P/E Ratio as of November 5: 5.48  

YTD Performance as of November 5: -34.20%  

Noble Corporation plc (NYSE:NE) is an offshore drilling contractor with a fleet of rigs used for deepwater and harsh-environment exploration. Headquartered in the UK, the company operates in several key energy markets, including the Gulf of Mexico and the North Sea. Noble Corporation’s (NYSE:NE) focus on high-specification drilling assets helps it compete in the challenging offshore market.

On September 4, Noble Corporation plc (NYSE:NE) successfully finalized its acquisition of Diamond Offshore Drilling, Inc. for $1.59 billion. The acquisition, which was announced in June, has created the largest fleet of 7th-generation dual-BOP drillships, showcasing Noble Corporation plc’s (NYSE:NE) commitment to expanding its capabilities and solidifying its leadership in the industry. With the addition of Diamond’s assets, Noble Corporation plc’s (NYSE:NE) fleet now comprises 41 rigs, including 28 floaters and 13 jack-ups.

The acquisition is expected to add approximately $2 billion to Noble Corporation plc’s (NYSE:NE) backlog and take the total backlog to around $6.7 billion. Noble Corporation plc (NYSE:NE) has also published an updated fleet status report, highlighting the addition of 4.8 rig years of backlog awarded under the Commercial Enabling Agreement with ExxonMobil for its four drillships operating in Guyana.