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...Precision Drilling is engaged in the provision of contract drilling and completion and production services primarily to oil and natural gas exploration and production companies in Canada and the United States. Co. operates two segments: Contract Drilling Services and Completion and Production Services. The Contract Drilling Services segment includes drilling rigs, directional drilling, procurement and distribution of oilfield supplies, and manufacture, sale and repair of drilling equipment. The Completion and Production Services segment includes service rigs, snubbing units, oilfield equipment rental, camp and catering services, and wastewater treatment units.
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