One does occasionally encounter a spot of bother in the financial markets, doesn’t one? Though usually, it’s far more tedious than truly alarming. Kerrisdale Advisers, it seems, has decided to lighten its holdings in Noble Corporation – a mere $6.04 million worth of shares, if you please – which has caused a ripple, though scarcely a tidal wave, in the pond. Frankly, after a year of such exuberant growth, a little pruning is hardly cause for hysterics.
A Modest Reduction
The filing, dated February 17th, reveals Kerrisdale’s discreet withdrawal of 204,364 shares. They retain a respectable, if diminished, position of 147,621 shares, valued at approximately $4.17 million. A net decrease of $5.79 million over the quarter, which, while noticeable, hardly suggests a crisis of confidence. One suspects a bit of portfolio housekeeping, rather than a wholesale abandonment of the offshore drilling sector.
The Wider Portfolio
As of late, Noble represents a mere 1.96% of Kerrisdale’s 13F reportable assets. A rather charmingly diverse collection, it appears, including holdings in telecommunications (NYSE:TDS, a solid $20.75 million), a touch of e-commerce (NASDAQ:MELI, at $17.25 million), and even a flutter on semiconductor equipment. A sensible mix, one might say, for weathering the inevitable storms of the market. Here’s a quick glance at their top five holdings:
- NYSE:TDS: $20.75 million (9.8% of AUM)
- NASDAQ:MELI: $17.25 million (8.1% of AUM)
- NYSE:SYY: $15.57 million (7.3% of AUM)
- NYSE:V: $13.84 million (6.5% of AUM)
- NASDAQ:ACMR: $10.39 million (4.9% of AUM)
Noble’s shares, one notes, have enjoyed a rather spectacular run, soaring 106% over the past year – quite eclipsing the S&P 500’s more modest 20% gain. A bit vulgar, perhaps, but undeniably effective.
Noble Corporation: A Snapshot
Just to refresh one’s memory, Noble Corporation provides offshore contract drilling services. They operate a fleet of those rather ungainly, yet essential, mobile offshore drilling units. A rather lucrative business, when the price of oil behaves itself, naturally.
| Metric | Value |
|---|---|
| Price (as of Friday) | $46.30 |
| Net income (TTM) | $216.72 million |
| Dividend yield | 4% |
| 1-year price change | 106% |
The Underlying Reasons
The truly interesting thing, darling, is the company itself. Noble generated a rather impressive $764 million in total revenue in the fourth quarter, with $705 million stemming from contract drilling. And a net income of $87 million? Quite respectable, wouldn’t you agree? For the full year, they delivered $3.29 billion in operating revenue and $216.7 million in net income. Strong offshore demand, naturally, and a bit of clever operating leverage.
They’ve also secured roughly $1.3 billion in new contract awards, pushing their total backlog to a rather comforting $7.5 billion. That, my dear, is what one calls revenue visibility. A rather useful concept, wouldn’t you say?
In short, a bit of trimming here and there is hardly a cause for alarm. It suggests a sensible, disciplined approach to portfolio management. One wouldn’t want to appear greedy, after all. Or, heaven forbid, optimistic.
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2026-03-16 00:53