Noble Corporation (Noble) reported healthy top-line growth in 2Q 09, meeting analysts expectations, driven by higher day-rates. Meanwhile, a decline in Cost of Goods Sold (COGS) supported margins. During 2H 09, we expect rising hydrocarbon prices to lift demand for Exploration and Production (E&P;) services, including Noble's rigs, driving up day-rates and utilization rates. Therefore, at current price levels, we maintain our 6-12 month BUY rating....

Noble Corporation’s (Noble) NYSE common stock price has declined significantly since our last update report reflecting ongoing volatility in global equity markets and as deteriorating conditions in the global economy weigh on levels of global E&P;activity. However, given Noble’s strong order backlog and as approximately 80% of its rig operating days are committed in FY 2009, we are confident of strong revenue growth, going forward....

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Noble Corporation (Noble) reported robust y-o-y growth in its top- and bottom-line in 4Q 08, reflecting a higher average dayrate realized during the quarter. Both revenues and earnings were in line with our estimates. Going forward, although we remain concerned that global economic conditions may impact demand in the global oil rigging industry, we are reassured by the company’s strong…