5 High Growth Energy Stocks to Buy

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1. Noble Corporation (NYSE:NE)

Latest YoY Quarterly Revenue Growth: 128.02%

Number of Hedge Fund Holders: 48

Sugar Land, Texas-based Noble Corporation (NYSE:NE) is one of the largest offshore drilling contractors in the world. It performs contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities worldwide.

On October 31, Noble Corporation (NYSE:NE) released its financial results for Q3 2023 which surpassed consensus estimates by a significant margin with a revenue of $697 million and an EPS of $1.09. The top and bottom line figures exceeded estimates by $60 million and $0.25, respectively.

Noble Corporation (NYSE:NE) initiated quarterly dividends in July this year at an annualized rate of $1.20 per share. The Board of Directors of the company raised the dividend amount to $0.40 per share for Q4 2023.

As of Q3 2023, 48 of the 910 hedge funds tracked by Insider Monkey owned Noble Corporation (NYSE:NE) shares worth $1.1 billion. William B. Gray’s Orbis Investment Management was the largest hedge fund shareholder with ownership of 3.5 million shares valued at $178 million.

In its Q3 2023 “Mid Cap Strategy” investor letter, ClearBridge Investments, an investment management firm, made the following comments about Noble Corporation (NYSE:NE):

“We initiated a new position in Noble, a leading offshore drilling contractor for the oil and gas industry. Consolidation and underinvestment has significantly depleted the number of drilling ships available to meet the growing demand for offshore oil drilling, giving the company greater pricing power. Armed with a clean balance sheet and significant cash flow generation as day rates for its fleet rise, we believe the company will be a prime beneficiary of resurgent energy demand and investment in oil and gas drilling.”

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