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NBR.N

ISIN: BMG6359F1032
SEDOL: 2963372

Rating:

HOLD

Target Price:

23.81 USD

Investment Horizon:

6 to 12 months
17th Feb 2010 View Report   Download

4Q 09 News Alert

Nabors Industries Ltd.'s (Nabors) top-line performance remained weak during the quarter, in line with our estimate, while EBITDA margin was marginally above our expectation due to lower-than-anticipated G&A;expense. Going forward, we expect demand for Nabors rigs and services to increase with a recovery in hydrocarbon prices thereby positively impacting its financials. However, given significant upside since our last update report, at current price levels…

21st Dec 2009 View Report   Download

3Q 09 Update Report

On 11 December 2009, the International Energy Agency (IEA) forecast world oil consumption to grow by 1.5 mn barrels per day (bbl/d) to 86.3 mn bbls/d in 2010 after witnessing a 1.4 mn bbl/d decline in demand in 2009. This bodes well for Nabors’s business as a spur in exploration activity to meet the increase in demand would enhance demand for its rigs and services. The company believes that its US Lower 48 Land Drilling division (26.8% of 3Q 09 revenues) from which revenues are…

21st Oct 2009 View Report   Download

3Q 09 News Alert

Nabors Industries Ltd.’s (Nabors)'s revenues and margins declined during the quarter, in line with our estimates, primarily reflecting lower rig activity levels in the US sub segment. Going forward, we expect hydrocarbon prices to remain high, thereby ensuring recovery in demand for rigs and other of Nabors’ services. However, since the NYSE common stock price has appreciated significantly since our last update report, at current price levels we downgrade…

28th Aug 2009 View Report   Download

2Q 09 Update Report

While oil prices appear to have stabilized at around US$70, gas prices are currently trading well below US$3 per thousand cubic feet (kcf), a seven year low. This will translate into a slow recovery for Nabors natural gas business compared to its oil business. Hence, we believe an FY 2009 recovery of the company's US Lower 48 Land Drilling segment, which is gas oriented and one of the major contributors to Nabors top-line (approximately 29% in 2Q 09), is unlikely....

22nd Jul 2009 View Report   Download

2Q 09 News Alert

Nabors Industries Ltd.'s (Nabors) revenues and operating margin registered a drop and were below our estimates, reflecting greater-than-anticipated decline in activity in the US sub-segment. Going forward, we expect an uptrend in hydrocarbon prices in 2H 09 to lead a recovery in Exploration and Production (E&P;) activity and hence demand for Nabors drilling and other services. However, since the NYSE common stock price has appreciated significantly since our last…