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...Patterson-UTI Energy is an oilfield services company that primarily owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment. The company's business segments are: contract drilling services, which markets its contract drilling services to independent and other oil and natural gas operators; pressure pumping services, which provides pressure pumping services to oil and natural gas operators, primarily in Texas, the Mid-Continent region and the Appalachian region; and directional drilling services, which provides a suite of directional drilling services, including directional drilling and downhole performance motors in various onshore oil and natural gas basins.
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