Morningstar

Morningstar, Inc.

Equity Bottom-Up

Nabors is among the top-tier U.S. and international onshore drillers. However, the company's profitability has been curbed since 2014 by a downturn in drilling activity, resulting in lower utilization and day rates than in past years.Despite the recovery in U.S. shale activity, the U.S. land rig market today is still marked by overcapacity and low day rates and margins. We expect utilization for even Tier 1 rigs (high-quality AC rigs with 1.5k-plus horsepower and multiwell pad drilling…

Nabors experienced a solid first quarter, with revenue up 2% sequentially and adjusted operating margin improving to negative 1.7% from negative 3.2% previously. The bulk of the top-line and especially the bottom-line improvement was driven by the U.S. drilling segment. Our fair value estimate and no-moat rating are unchanged for now
Nabors' U.S. drilling segment saw revenue increase 5% sequentially and segment adjusted operating margin improve to 8% from 3% previously. This is the segment's…

Bermuda

Nabors Industries Ltd, is a land drilling contractor, and also performs well servicing and workovers.  The Company conducts oil, gas, and geothermal land drilling operations.  Nabors' well-site services include oilfield management, well logging, and other support services.

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