NEW YORK (TheStreet) -- Shares of Noble Corp (NE) are climbing higher by 2.08% to $17.20 in afternoon trading Wednesday, as both WTI and Brent crude remain in the green following a report by the Energy Information Administration, Reuters reports.
According to the EIA, crude stocks fell by 6.8 million barrels in the last week, much higher compared to the decline of 1.7 million barrels analysts were expecting.
Crude stocks at the Cushing, Okla. delivery hub dropped by 1.024 million barrels, the EIA reports.
Refineries increased output, while gasoline stocks decreased and distillate inventories increased, Reuters noted.
Brent crude for July delivery was up 1.17% to $65.64 a barrel as of 2:48 p.m. ET today, while U.S. crude for July delivery was rising 1.91% to $61.29 a barrel.
Noble Corp. is a British company, operating as a major contract driller of oil and natural gas wells, with its focus largely on ultra-deepwater and high-specification jack-up drilling opportunities.
Separately, 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 a few notable weaknesses, 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."