Noble Corp. (NE) Stock Sliding as Crude Prices Decline

NEW YORK (TheStreet) -- Shares of Noble Corp (NE) were sliding, down 1.7% to $16.33 in early afternoon trading Friday, as both WTI and Brent crude trade in negative territory.

Oil prices are falling after Saudi Arabia, the world's top crude exporter said it may raise output to new record highs amid the global supply glut, Reuters reports.

Saudi Arabia said it was in discussions with Indian buyers to supply more crude. The exporter could potentially surpass its record high production of 10.3 million barrels per day in May, Reuters added.

Brent crude for July delivery was down 0.95% to $64.49 a barrel as of 12:34 p.m. ET today, while U.S. crude for July delivery was lower by 0.91% to $60.22 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."

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