5 Cheap Oil Stocks Under $5

2. Noble Corporation (NYSE:NE)

The number of funds from our database long Noble Corporation (NYSE:NE) inched down by one to 27 during the first quarter. Among the largest shareholders of the company is Senator Investment Group, led by Doug Silverman and Alexander Klabin, which initiated a stake containing 10 million shares in the first quarter.

Noble Corporation (NYSE:NE) is a UK-based drilling contractor which provides services through its fleet of 28 offshore drilling units. For the first quarter, the company posted a net loss of $0.17 per share, which was better than the consensus estimate of a loss of $0.19, but its revenue of $363 million slid by 41% on the year and missed expectations by $3.10 million. However, the company sees positive trends, with tenders for jackups and floating rigs on the rise and it expects the oil market to become more stable, which will lead to an increase in the demand for rigs.

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