Core Insights - Goehring & Rozencwajg Associates, LLC acquired over $20 million worth of Noble stock, increasing its position significantly in the third quarter of 2025 [1][9] - Noble now represents 3.7% of the firm's 13F assets under management, with a total holding of 1,081,635 shares valued at $30.59 million as of September 30, 2025 [2][3] Company Overview - Noble is a leading offshore drilling contractor with a market capitalization of $4.64 billion and revenue of $3.45 billion for the trailing twelve months (TTM) [4][5] - The company reported a net income of $226.73 million and has a dividend yield of 6.7% [4] Performance Metrics - As of November 7, 2025, Noble shares were priced at $29.23, with a one-year return of -9.1%, underperforming the S&P 500 by 22.8 percentage points [3][10] - The firm's acquisition of nearly 700,000 shares during the third quarter more than tripled its position in Noble, making it the 11th-largest holding for the firm [9] Business Model - Noble provides offshore contract drilling services through a fleet of mobile offshore drilling units, generating revenue primarily from long-term contracts with oil and gas companies [8] - The company serves major integrated oil companies, national oil companies, and independent exploration and production firms globally [8]