Nabors Reported Somewhat Disappointing 3Q Results, but Our FVE Is Unchanged
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...
Nabors Industries, through its subsidiaries, owns and operates land-based drilling rig fleet and is a provider of offshore platform drilling rigs in the U.S. and several international markets. The company also provides directional drilling services, tubular services, performance tools, and technologies for its own rig fleet and those of third parties. The company's business is comprised of its land-based and offshore drilling rig operations and other rig related services and technologies, consisting of equipment manufacturing, rig instrumentation and optimization software. The company has five reportable segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions and Rig Technologies.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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