Noble Corp. (NE) Stock Gains on Rising Oil Prices

NEW YORK (TheStreet) -- Shares of Noble Corp. (NE) were gaining 5.1% to $17.22 Tuesday as higher oil prices helped bring up oil stocks.

WTI crude oil for July delivery was up 1.4% to $61.01 a barrel Tuesday afternoon, and Brent crude oil for July delivery was up 1% to $65.50 a barrel.

Oil prices were rising due to the weaker U.S. dollar and comments from Saudi Arabia's oil minister ahead of OPEC's meeting on Friday, according to the Wall Street Journal.

Saudi oil minister Ali al-Naimi said that oil demand is increasing while the flow supply is slowing down. The oil minister acknowledged that there is still an oil surplus, however, according to the Journal.

Analysts expect OPEC to announce that it will maintain its production ceiling of 30 million barrels of oil a day during its Friday meeting.

Noble Corp. is a British offshore drilling company based in London.

TheStreet Ratings team rates NOBLE CORP PLC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

"We rate NOBLE CORP PLC (NE) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."

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