Why Noble Stock Soared More Than 20% in July

Shares of Noble (NYSE: NE) took off in July, rallying 20.5% according to data provided by S&P Global Market Intelligence. Driving up shares of the offshore driller was optimism following industry leader Transocean's (NYSE: RIG) better-than-expected second-quarter results.

Offshore drilling stocks bounced around with oil prices for most of July. However, the entire sector soared at the end of the month after Transocean posted its second-quarter results. While net loss met expectations, revenue came in a bit ahead of the consensus estimate. Meanwhile, the company said that despite the continued uncertainty surrounding oil prices, the offshore drilling market was getting better.

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