Raising FVE for Land Drillers Nabors, Patterson on Higher Tier 1 Rig Activity Forecasts
We update our models for land drillers to fully incorporate 2016 results as well as our updated industry forecasts. As noted in our recent note on peer Helmerich & Payne, we have revised slightly upward our forecasts for midcycle (2020-2021) Tier 1 U.S. land rig counts. This, along with company-specific factors, has led to a slight revision upwards in our expectations for some land drillers. Our new Nabors fair value estimate is $8 per share, up from $7.25. Our new Patterson fair value estim...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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