Growth in international markets won't be enough for Nabors' profitability.
No-moat land driller Nabors reported somewhat disappointing third-quarter results. In the company’s largest business line, U.S. Lower 48 land drilling, gross margin per rig day increased just 7% sequentially to about $4,200 per day, below company guidance of about $4,300 per day. This compares with an average of about $10,000 during the 2014 peak of horizontal rig activity. For now, our fair value estimate is unchanged.The company commented on several interesting developments during the quarte...
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