Offshore Driller With $7.5 Billion Backlog Sees $6 Million Investor Trim Amid Staggering Stock Surge
Key Points
Kerrisdale Advisers sold 204,364 shares of Noble Corporation in the fourth quarter; the estimated transaction value was $6.04 million based on quarterly average pricing.
Meanwhile, the quarter-end position value declined by $5.79 million, reflecting both trading activity and market price movement.
Post-trade, Kerrisdale holds 147,621 shares valued at $4.17 million.
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Kerrisdale Advisers disclosed in a February 17, 2026, SEC filing that it reduced its stake in Noble Corporation plc (NYSE:NE), selling 204,364 shares in a trade estimated at $6.04 million based on quarterly average pricing.
What happened
According to a recent SEC filing dated February 17, 2026, Kerrisdale Advisers, LLC reduced its holdings of Noble Corporation by 204,364 shares. The estimated transaction value is approximately $6.04 million, based on the average price during the fourth quarter of 2025. At quarter-end, the fund’s remaining position was 147,621 shares, with a reported value of $4.17 million. The net position value fell by $5.79 million over the quarter.
What else to know
- This was a sell transaction; the Noble Corporation stake now represents 1.96% of Kerrisdale’s 13F reportable AUM.
- Top five holdings after the filing:
- 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)
- As of Friday, Noble Corporation shares were priced at $46.30, up 106% over the prior year and significantly outperforming the S&P 500’s roughly 20% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Price (as of Friday) | $46.30 |
| Net income (TTM) | $216.72 million |
| Dividend yield | 4% |
| 1-year price change | 106% |
Company snapshot
- Noble Corporation provides offshore contract drilling services to the oil and gas industry, operating a fleet of mobile offshore drilling units including floaters and jackups.
- The firm generates revenue through contract drilling services provided to the oil and gas industry, leveraging its fleet to support exploration and production companies.
- It serves the oil and gas industry worldwide.
Noble Corporation plc is a leading offshore drilling contractor with a global presence and a modern fleet designed to serve diverse customer needs.
What this transaction means for investors
After a stock more than doubles in a year, trimming a position often reflects portfolio discipline rather than a sudden loss of conviction, and that seems to be the case here. Noble has been one of the stronger performers in the offshore drilling space as rising offshore activity and tighter rig supply pushed day rates higher and boosted investor sentiment around the sector.
The company’s recent financial results help explain that enthusiasm. In the fourth quarter, Noble generated $764 million in total revenue, including $705 million from contract drilling services, while reporting $87 million in net income. For the full year, the company delivered $3.29 billion in operating revenue and $216.7 million in net income, reflecting stronger offshore demand and improving operating leverage across its fleet.
Just as important, Noble continues to lock in future work. Management recently added roughly $1.3 billion in new contract awards, pushing total backlog to $7.5 billion and giving the company significant revenue visibility heading into the next few years.
Within the broader portfolio, the reduced position now sits alongside holdings spanning telecom, payments, e-commerce, and semiconductor equipment — a mix that suggests the stake may have been partially reduced after a strong run rather than a wholesale shift away from energy exposure.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends MercadoLibre, Sysco, and Visa. The Motley Fool recommends Noble Plc. The Motley Fool has a disclosure policy.
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