Nabors Industries Ltd.NYSE
Thu, Sep. 15, 3:33 PM
- Nabors Industries (NBR +3.8%) enjoys strong gains as DA Davidson initiates coverage of the stock with a Buy rating and $16 price target, as the firm believes NBR has sufficient liquidity to maintain its dividend and that any concerns over debt are overdone.
- NBR maintains has the largest global land drilling fleet, with nearly half of its revenues coming from international activity, which the firm says tends to be more stable than North American markets as customers and drilling programs are significantly larger.
Fri, Sep. 9, 9:31 AM
Tue, Aug. 2, 5:30 PM
Mon, Aug. 1, 5:35 PM
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Tue, Jul. 12, 11:30 AM
- Six oil services stocks - Flotek Industries (NYSE:FTK), Schlumberger (SLB +4.4%), Halliburton (HAL +4%), Oceaneering (OII +6%), Superior Energy Services (SPN +5.5%) and Rowan (RDC +8.1%) - should do well regardless of the price of oil, Stephens analyst Matthew Marietta says.
- The past 18 months have proven that trying to predict specific commodity prices is a guessing game, Marietta says, but he thinks that a global ratio of reserves to annual production levels at an all-time high, coupled with global equipment overcapacity and cost deflation "has the potential to create a price environment range-bound in line with our sensitivities."
- Stephens also upgrades RDC and Nabors Industries (NBR +9.8%) to Overweight from Equal Weight.
Wed, Jun. 15, 6:56 PM
- For the fourth consecutive year, three Nabors Industries (NYSE:NBR) directors failed to achieve 50% support of shareholders in a June 7 election, and the directors tendered their resignations but the board voted unanimously to reject the resignations, an SEC filing reveals.
- Shareholders have withheld a majority of votes from director John Yearwood at NBR’s last four annual meetings, and the responsibility to accept his resignation lies with the company's governance and nominating committee, but Yearwood heads the committee, and the committee’s other members are the other two directors who were voted out last week.
- However, “zombie directors” are fairly common in instances where investors try to oust board members without offering replacements, according to the Council of Institutional Investors, which says 38 of 43 directors of Russell 3000 companies that failed to win majorities last year wound up staying.
Wed, Jun. 1, 3:54 PM
- Land-based oil drillers "all look overvalued," Credit Suisse analysts say as they downgrade Helmerich & Payne (HP -2.1%), Patterson-UTI Energy (PTEN -2%) and Precision Drilling (PDS -4.6%) to Underperform from Neutral, and Nabors Industries (NBR -3.8%) to Neutral from Outperform, predicting current spot rates likely will fall when incremental rigs go to work.
- Among the group, the firm sees HP as "the worst offender" on valuation, with overly optimistic assumptions for $35K spot market dayrates and forgiveness of deferred tax liabilities still not enough to justify the current price based on its rig count, while NBR is "the relative winner due to its international exposure."
- The firm prefers Baker Hughes (BHI +0.1%) and Halliburton (HAL -0.1%) in the sector due to their North American exposure and expectations of execution, while Schlumberger (SLB -0.6%) "has valuation headwinds and issues with exploration, deepwater and international exposure, but longer-term exposure to the stock is essential."
- Now read Moody's: Drillers will be the last to recover in the oil patch (May 16)
Mon, May 23, 3:54 PM
- Schlumberger (SLB +0.1%) is not the only oil services stock Goldman Sachs is touting, as the firm also awards Buy ratings to Halliburton (HAL +1.4%) and Nabors Industries (NBR -0.9%) for their cyclical exposure to the U.S. onshore market.
- Goldman's commodities and E&P teams say they now see a clearer path for oil production growth in 2017-18, driven by the market becoming balanced by H2 2016 and demand continuing to grow at a healthy pace, with U.S. onshore and Mideast OPEC as the lead drivers of the production growth.
- The firm likes HAL, SLB and NBR for their cyclical exposure to the U.S. onshore market, and all three have exposure to the Saudi market; HAL and SLB also offer very high leverage to the drilling and uncompleted wells inventory, which sits low on the cost curve and should be the first wells where activity should pick up.
Tue, Apr. 26, 3:58 PM
- Nabors Industries (NBR -9.8%) sinks ~10% after reporting a narrower than expected Q1 loss but total revenues that fell 70% Y/Y and fell far short of analyst expectations.
- Adjusted earnings excluded $1.12/share of impairments from its investment in C&J Energy Services (CJES -2.4%); NBR owns 53% of CJES after selling its completion and production services business to the pressure pump operator in 2014.
- NBR says its current rig count fell to 54, matching its forecast in the mid-50s, and CFO William Restrepo warns that the company expects further near-term reductions in rig counts both internationally and in the U.S. despite the recent upturn in oil prices, and expects margins to deteriorate.
- NBR bounced slightly off its lows of the day after Morgan Stanley's Ole Storer maintained an Overweight rating in the stock with a $17 price target, saying today's selloff was unwarranted; Storer says NBR's international fleet build-out and its continued efforts to improve its marketing of technology position it well for a market recovery, adding that the company's balance sheet looks stable with neutral free cash flow at the current cyclical trough.
- Now read Beware offshore drillers rising too far too fast, analyst says
Mon, Apr. 25, 5:39 PM
Mon, Apr. 25, 4:20 PM
- Nabors (NYSE:NBR): Q1 EPS of -$0.29 beats by $0.04.
- Revenue of $430.8M (-69.7% Y/Y) misses by $200.05M.
Sun, Apr. 24, 5:35 PM
Wed, Apr. 20, 5:45 PM
- Wells Fargo analysts say they are sticking with Halliburton (NYSE:HAL) as their top picks among oil service stocks even as the proposed merger with Baker Hughes looks increasingly iffy.
- The firm says it is re-adjusting its rankings with a bias towards large cap names along with high level of conviction towards execution, and expects the market to pay a premium multiple for the best-in-class names in the next multi-year recovery.
- In order, Wells' favorites in the sector are a stand-alone HAL, Baker Hughes (NYSE:BHI), U.S. Silica (NYSE:SLCA), Nabors Industries (NYSE:NBR), FMC Technologies (NYSE:FTI) and Schlumberger (NYSE:SLB); it maintains an Outperform on Weatherford (NYSE:WFT) but moves the stock down in the rankings based on debt concerns and re-investment capacity in a recovery.
- Now read Schlumberger is Barclays' top pick in North America oilfield services
Thu, Mar. 17, 3:43 PM
- Offshore oilfield service companies with pristine balance sheets have significantly outperformed onshore service peers, but Morgan Stanley's Ole Slorer finds better value for now in companies with similar business exposures with slightly higher but manageable risks.
- He upgrades Superior Energy Services (SPN +6.8%) to Overweight from Equal Weight with a $15 price target, upped from $13.50, and maintains Nabors Industries (NBR +6.8%) at Overweight with a $13 price target, acknowledging higher risk in the two companies but believing they have substantial liquidity and potential for cash flow neutrality even if the current downcycle persists longer than expected.
- However, Slorer downgrades RPC Inc. (RES -2.9%) to Equal Weight from Overweight and Helmerich & Payne (HP +1.1%) to Underweight, noting that both companies are high quality operators with nearly debt-free balance sheets but whose stocks had significantly outperformed the sector YTD to a point where valuations look less attractive.
Mon, Mar. 7, 6:49 PM
- Offshore drillers such as Seadrill (SDRL) staged a spectacular rebound last week, but Wells Fargo analysts Judson Bailey and his team suspect the group has come too far too fast.
- Although the firm says it remains constructive on the prospects of a long-term recovery in oil prices and in North American spending, it advises against chasing the short-covering induced rally and believes most offshore drillers have swung from fairly valued to overvalued.
- Wells says it prefers a balance of North American market share winners such as Baker Hughes (NYSE:BHI) and Halliburton (NYSE:HAL) along with select higher beta names such as U.S. Silica (NYSE:SLCA), Nabors Industries (NYSE:NBR) and Patterson-UTI (NASDAQ:PTEN) as a way to play a North American recovery.
- It's still "a game of survival" in offshore drilling, Barclays' David Anderson says, not expecting improvement in the downward trajectory of offshore upstream spending over the next two years, even if oil moves back above $50/bbl by year-end.
- Barclays is “extremely cautious” on offshore drilling stocks, with the firm seeing the most potential downside to Underweight-rated Transocean (NYSE:RIG), Diamond Offshore (NYSE:DO) and Noble Corp. (NYSE:NE)
Fri, Mar. 4, 3:28 PM
- Moody's downgrades five more oil and gas names, all with negative outlooks, but shares are unaffected amid a strong showing today in the energy sector:
- Helmerich & Payne (HP +5%) to Baa1, citing significantly decreasing cash flow resulting from the collapse in U.S. onshore drilling activity.
- Nabors Industries (NBR +0.6%) to Ba2, expecting high business and financial risks in a persistently weak global rig market, causing material degradation in credit metrics through 2017.
- Parker Drilling (PKD +0.1%) to B3, reflecting the challenging outlook for land drilling and rentals tools businesses in North America.
- Pioneer Energy Services (PES +16.5%) to Caa3, driven by the material deterioration in credit metrics through 2015 and expectations of continued deterioration through 2016.
- Precision Drilling (PDS +11.9%) to B2, reflecting lower cash flow and weak leverage resulting from the collapse in drilling activity.