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February 19, 2014
11:27 EDTPDS, PKD, PES, NBRNabors Industries hits 52-week high after results top expectations
Shares of land drilling contractor Nabors Industries (NBR) are advancing after the company reported fourth quarter results that easily surpassed expectations. Notably, the company also struck an optimistic tone about its near-term outlook. WHAT'S NEW: Last night, Nabors Industries reported Q4 earnings per share of 42c and revenue of $1.61B, easily topping expectations of 20c and $1.55B, respectively. The company noted that its EPS results benefited by about 16c from tax benefits, the full recovery of receivables in a customer bankruptcy settlement, and early termination payments. Nabors said it believes 2013 will represent the low point in its "protracted five-year trough" and that beginning in its second quarter the company foresees "substantial year-over-year quarterly improvement, which should accelerate in the second half." ANALYST REACTION: This morning, research firm CLSA upgraded Nabors Industries to Outperform from Underperform. PRICE ACTION: In late morning trading, Nabors Industries rose $2.00, or 10.6%, to $20.64 on nearly twice its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week high of $20.74. Including today's move, the stock has gained about 14% over the past twelve months. OTHERS TO WATCH: Other drilling contractors include Parker Drilling (PKD), Precision Drilling (PDS) and Pioneer Energy Services (PES), which are all trading higher this morning.
News For NBR;PKD;PDS;PES From The Last 14 Days
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February 26, 2015
15:19 EDTNBRNabors Industries volatility elevated into Q4 and outlook
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February 25, 2015
15:22 EDTPKDParker Drilling files $1B mixed securities shelf
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February 19, 2015
09:59 EDTPESOn The Fly: Analyst Downgrade Summary
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08:40 EDTPESPioneer Energy downgraded to Neutral from Accumulate at Global Hunter
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05:22 EDTPKDParker Drilling CEO says FY15 will be 'challenging'
Gary Rich, chairman, president, and CEO of Parker Drilling, stated, "It is clear that FY15 will be a challenging year. The steep and rapid decline in oil prices has led to a sharp reduction in drilling activity in U.S. land and Gulf of Mexico inland and shallow water markets. This also is putting increased pressure on prices for our services. We anticipate the downturn in our U.S. markets will be severe and expect our international markets to be impacted as well, though with less severity. We are taking actions across the company to lower our cost base, sustain our utilization, manage our cash and liquidity, and preserve our ability to respond as opportunities develop."
05:20 EDTPKDParker Drilling reports Q4 EPS 6c, consensus 3c
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February 18, 2015
10:05 EDTNBROn The Fly: Analyst Initiation Summary
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06:55 EDTNBRNabors Industries initiated with an Outperform at BMO Capital
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February 17, 2015
08:02 EDTNBRC&J Energy files statement with SEC regarding Nabors Industries combination
C&J Energy Services (CJES) announced that on Friday, February 13 the Company filed its definitive proxy statement with the SEC regarding the proposed combination of C&J with the completion and production services business of Nabors Industries (NBR). C&J also announced that it has set the date of its special meeting of stockholders to consider and vote on, among other things, a proposal to approve the Pending Transaction. The special meeting of stockholders will be held at 9:00 am Central Time on Friday, March 20 at C&J's headquarters located at 3990 Rogerdale, Houston, Texas 77042. C&J stockholders of record as of the close of business on January 30 the "record date" for purposes of the special meeting, will be entitled to receive notice of and to participate at the special meeting. The Company expects to complete the Pending Transaction promptly following approval by C&J stockholders at the special meeting, subject to the satisfaction of the other conditions set forth in the merger agreement relating to the Pending Transaction.
06:06 EDTPESPioneer Energy sees Q1 drilling rigs utilization 78%-80%
In Q1, drilling rigs utilization is expected to average 78%-80% based on an average fleet of 46 rigs. Drilling Services Segment margin is expected to be approximately $10,000-$11,000 per day, which includes a benefit from rigs earning but not working. Production Services Segment revenue in Q1 is expected to be down approximately 15%-20% as compared to Q4 due to overall reduction in industry activity. Production Services Segment margin as a percentage of revenues is expected to be down approximately 5%-7% as compared to Q4.
06:05 EDTPESPioneer Energy reports Q4 driling utilization of 89%
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06:02 EDTPESPioneer Energy reports Q4 adjusted EPS 4c, consensus 11c
Reports Q4 revenue $283.1M, consensus $268.32M.
February 13, 2015
10:00 EDTPDSOn The Fly: Analyst Downgrade Summary
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08:39 EDTPDSPrecision Drilling downgraded at Raymond James
As previously reported, Raymond James downgraded Precision Drilling to Market Perform from Outperform. The firm downgraded shares citing valuation.
08:34 EDTPDSPrecision Drilling downgraded to Market Perform from Outperform at Raymond James
06:09 EDTNBRNabors Industries volatility elevated into Q4 and outlook
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