Sep. 11, 2014, 9:14 AM| Comment!
Aug. 12, 2014, 5:28 PM
- Schlumberger (NYSE:SLB) expects the economic sanctions in Russia will have a small financial impact on its operations in the country, but RBC analysts see SLB impacted more by the instability in Iraq.
- The firm estimates SLB gains ~$600M from annual Iraq revenue ($0.06-$0.08 in EPS) with operating margins of ~20%, so it lowers its 2014 EPS forecast to $5.56 from $5.64 as well as its 2015 ooutlook to $6.63 from $6.70; however, the firm maintains its stock price target at $129.
- Other companies with large exposure to Russia also fell today, including Weatherford (NYSE:WFT), Nabors Industries (NYSE:NBR), Halliburton (NYSE:HAL) and Baker Hughes (NYSE:BHI).
Jul. 22, 2014, 5:36 PM
Jul. 21, 2014, 5:35 PM
Jul. 3, 2014, 3:07 PM
Jul. 1, 2014, 9:14 AM
- Nabors Industries (NBR) +2.2% premarket after the oil driller is upgraded to Outperform from Market Perform at Raymond James and to Overweight from Equal Weight at Stephens.
- The upgrades follow last week's agreement to merge its pressure pumping and well servicing businesses with C&J Energy, which is expected to be accretive to NBR's margins and accelerate investment into the core drilling businesses.
- The move represents a large step in NBR's restructuring effort, which will allow NBR to become a focused land driller and lower its net debt/capitalization ratio to 28% from 34%, the firms say.
Jun. 26, 2014, 9:17 AM
Jun. 25, 2014, 5:57 PM
- C&J Energy (CJES) +8% AH and Nabors Industries (NBR) +6.2% after the companies agree to merge, creating a diversified completion and production services provider.
- NBR will receive total consideration of $2.86B in cash and stock, comprised of ~62.5M CJES shares and $940M in cash; the combined company will retain the C&J Energy name and management team.
- CJES expects the deal to be accretive to EPS during the first full year of combined operations, as it will leverage identifiable cost and revenue synergies through the achievement of operational efficiencies and capex savings.
Jun. 6, 2014, 10:26 AM
- Nabors Industries' (NBR +1.6%) shareholders yesterday cast majority votes rejecting all three members of the board's compensation committee, but the company disregarded the rebuke.
- The board praised the three directors and, in a unanimous vote, refused to fire them but moved two of them off the committee.
- NBR also expanded its board to eight members and appointed a new director recommended by its largest shareholder, Pamplona Capital Management.
- NBR has been criticized over pay controversies, including last year's $45M payment to CEO Anthony Petrello in exchange for replacing his employment contract.
May. 30, 2014, 5:48 PM
- Nabors Industries (NBR) is facing renewed attacks over its executive pay and corporate governance, with major proxy advisers including ISS and Glass Lewis urging NBR shareholders to oppose the company's pay practices and several directors at its June 3 annual meeting.
- ISS is taking the unusual step of urging the ouster of six of seven NBR directors facing re-election, while Glass Lewis favors the defeat of three directors serving on the board's pay panel.
- Coming in for special criticism is the pay package of CEO Anthony Petrello, whose 2013 compensation was valued at $68.2M; Glass Lewis praises NBR for giving the CEO equity awards tied to performance, but questions whether performance goals "are sufficiently challenging.''
May. 28, 2014, 12:35 PM
- The highest-paid boss in America may come as a surprise: It's Nabors Industries (NBR -0.4%) CEO Anthony Petrello, who made $68.3M in 2013 as a result of a $60M lump sum the company paid him to buy out his old contract.
- Since becoming CEO in Oct. 2011, NBR shares are up ~180%, pretty good but not good enough to escape shareholder outrage; earlier this year, NBR finally agreed to change its corporate governance and compensation practices.
- Freeport McMoRan (FCX) CEO Richard Adkerson also received a one-time payment of $36.7M to renegotiate his contract; his $55.3M in total pay made him the third-highest paid CEO among S&P 500 companies last year.
- The second-highest paid CEO was CBS' Leslie Moonves of CBS, whose total compensation rose 9% to $65.6M; media industry CEOs were paid handsomely, as usual: Viacom’s (VIA, VIAB) Philippe Dauman made $37.2M, Disney’s (DIS) Robert Iger made $34.3M, and Time Warner's (TWX) Jeffrey Bewkes earned $32.5M.
- The head of a typical large public company earned a record $10.5M, up 8.8% from $9.6M in 2012, according to an AP pay study.
May. 22, 2014, 12:54 PM
- Nabors Industries (NBR +2.9%) is upgraded to Buy from Hold with a $31 price target, up from $28, at Jefferies, even after shares have climbed more than 50% YTD.
- Jefferies cites a combination of worldwide rig opportunities, drilling performance in recent quarters and catalysts in the form of strategic review announcements in driving its upgrade.
- The firm raises its 2015 estimated EPS to a Street-high $2.50.
May. 13, 2014, 7:29 PM
- U.S. exchanges are now unified in canceling some wild trades in (AOL -3.1%) in a two-minute span just 10 minutes before the close.
- The odd trades, traced to a trading firm's mistake, also affected dealing in Nabors (NBR), Lorillard (LO -1.3%), Marathon Petroleum (MPC -0.3%), Canadian Natural Resources (CNQ +0.3%), Nasdaq OMX (NDAQ -0.9%) and Caterpillar (CAT +0.9%), among others -- but those trades will be left standing.
- The NYSE will bust AOL trades of $33.17 or below, while Nasdaq, Direct Edge and NYSE Arca will cancel those at $33.16 and below.
May. 9, 2014, 11:58 AM
- Wall Street’s idea of investing in climate change means investors are piling into natural gas - the least polluting fossil fuel - as energy have accounted for nearly two-thirds of the $8B of inflows into sector-based ETFs this year.
- A White House advisory panel said this week that global warming already is blighting the U.S. with more intense coastal flooding, rainstorms and wildfires, but “weather extremes are good for the energy business," says money manager Skip Aylesworth.
- Climate change is proving to be a boon for energy investment; on the day the report was issued, the S&P Energy Index hit a record, and $322M flowed into ETFs that specialize in energy.
- "Natural gas is a potential bridge to new technologies that are green or clean,” says State Street's David Mazza, which he says has sparked investor interest in companies such as Nabors Industries (NBR), EOG Resources (EOG), Anadarko Petroleum (APC) and Chesapeake Energy (CHK).
- ETFs: XLE, ERX, VDE, OIH, ERY, FCG, DIG, DUG, GASL, IYE, GASX, PXJ, PXI, PSCE, FENY, RYE, FXN, DDG
Apr. 23, 2014, 10:39 AM
- Nabors Industries (NBR +2.3%) marches higher despite reporting Q1 earnings that were cut in half from the previous year, as weather-related interruptions in its completion services segment overshadowed an otherwise solid performance by its drilling operations.
- The weather impact was concentrated in completion services operations, which posted a $33.6M loss; the results also were affected by the expiration of a significant long-term contract.
- CEO Anthony Petrello said market activity and pricing are strengthening, as higher than expected customer cash flows and moderating rig productivity are translating into incremental rig demand.
- Argus lowers its FY 2014 EPS estimate, expecting the next two quarters to be challenging for NBR due to the launch of new rigs by competitors, but the firm sees earnings growing over the longer term and recommends the stock for investors with a time horizon of six months or longer (Briefing.com).
Apr. 22, 2014, 5:15 PM
- Some S&P energy stocks set new 52-week highs today, including Hess (HES), EQT and Baker Hughes (BHI), as the sector begins to catch up to the hype about the U.S. energy renaissance.
- Analysts say oil and gas drillers are just starting to reap the benefits of an ancillary boom in energy-related technology and innovation; RBC Capital sees bullish prospects for rig companies, adding that drillers such as Helmerich & Payne (HP), Patterson-UTI (PTEN) and Nabors Industries (NBR) are best positioned to capitalize on the boom.
- BofA/Merrill's Stephen Suttmeier offers a technical set-up, seeing energy poised for a breakout similar to Oct. 2010, when the sector moved above its 13-, 26- and 40-week relative moving averages and outperformed for another six months.
- ETFs: XLE, ERX, OIH, VDE, ERY, FCG, XOP, DIG, DUG, GASL, FRAK, XES, IYE, IEO, IEZ, GASX, PXE, PXJ, PXI, PSCE, FENY, RYE, FXN, DDG
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