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NEW YORK ( TheStreet) -- Noble Corporation (NYSE: NE) hit a new 52-week low Tuesday as it is currently trading at $27.52, below its previous 52-week low of $27.68 with 893,901 shares traded as of 10:26 a.m. ET. Average volume has been 4.6 million shares over the past 30 days. Noble has a market cap of $7.4 billion and is part of the basic materials sector and energy industry. Shares are down 20.1% year to date as of the close of trading on Monday. Noble Corporation operates as an offshore drilling contractor for the oil and gas industry worldwide. It involves in the contract drilling of oil and gas wells. The company's fleet consists of 14 semisubmersibles, 12 drillships, 45 jackups, and two submersibles. The company has a P/E ratio of 25.1, below the average energy industry P/E ratio of 25.3 and above the S&P 500 P/E ratio of 17.7.