November 9, 2017 - 7:00 AM EST
Print Email Article Font Down Font Up Charts

Earnings Review and Free Research Report: Nabors’ Revenue Jumped 27%

Research Desk Line-up: Concho Resources Post Earnings Coverage

LONDON, UK / ACCESSWIRE / November 9, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Nabors Industries Ltd (NYSE: NBR), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=NBR, following the Company's announcement of its third quarter fiscal 2017 operating results on October 24, 2017. The drilling contractor's revenue and earnings numbers fell short of market expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

http://protraderdaily.com/register/

Get more of our free earnings reports coverage from other constituents of the Oil & Gas Drilling & Exploration industry. Pro-TD has currently selected Concho Resources Inc. (NYSE: CXO) for due-diligence and potential coverage as the Company reported on October 31, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on Concho Resources when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on NBR; also brushing on CXO. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=NBR

http://protraderdaily.com/optin/?symbol=CXO

Earnings Reviewed

Nabors reported operating revenues of $662.10 million in Q3 2017 compared to $519.73 million in Q3 2016. The Company's revenue numbers fell short of analysts' estimates of $675.1 million.

For Q3 2017, Nabors reported an operating income of negative $133.99 million compared to a loss of $134.97 million in Q3 2016. During the reported quarter, the Company averaged 212 rigs working at an average gross margin of $10,749 per rig day compared to 206 average rigs working at $10,809 per rig day during Q2 2017.

Nabors' net loss from continuing operations was $121.40 million, or $0.42 per diluted share, for Q3 2017 compared to a loss of $99.02 million, or $0.39 per diluted share, for Q3 2016. The Company's loss was higher than Wall Street's estimates of $0.33 per share.

For Q3 2017, Nabors' adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) improved by 3% sequentially to $142.87 million. The increase was largely attributable to a 7% increase in both rig activity and margins in the Company's Lower 48 operations and higher margins internationally. These increases were significantly offset by lower results in the Rig Services segment.

Segment Results

During Q3 2017, Nabors' US Drilling segment posted a 14% q-o-q increase in adjusted EBITDA, at $43 million with an average of 107 rigs working compared to 101 rigs working during Q2 2017. The Lower 48 operations increased by seven average rigs working during the reported quarter, including the deployment of its first of two Quad rigs in July 2017.

International adjusted EBITDA was $137 million for the reported quarter, a slight increase compared to the $135 million in the previous quarter. The improvement was attributed to higher average daily rig margins of $18,233 per rig day.

For Q3 2017, Nabors' adjusted EBITDA from Canada operations totaled $2.57 million compared to $4.18 million in Q2 2017, principally due to a less favorable rig mix and post breakup startup cost. The average number of rigs working during the reported quarter was 14, with average daily rig margins of $3,497.

During Q3 2017, adjusted EBITDA for Rig Services, which consists of the Company's manufacturing, drilling technology, and other related services, was substantially lower at $1.8 million compared to $5.47 million in Q2 2017, due to a drop in Canrig shipments. Most of the lower Canrig volume was attributable to delivery deferrals, triggered by commodity concerns, by several customers into subsequent quarters. Additionally, there were a smaller number of outright cancellations due to the loss of momentum in the US Lower 48 rig count.

Cash Matters

Nabors' capital expenditure was $130 million for Q3 2017, down from $136 million in Q2 2017. The Company is forecasting capital expenditure to finish in the range of $500 million to $550 million for FY17. Nabors' net debt ended at $3.7 billion for Q3 2017.

Stock Performance

On Wednesday, November 08, 2017, Nabors Industries' stock closed the trading session at $6.27, rising 1.29% from its previous closing price of $6.19. A total volume of 11.04 million shares were exchanged during the session, which was above the 3-month average volume of 9.94 million shares. Shares of the Company have a dividend yield of 3.83% and currently have a market cap of $1.75 billion.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily


Source: ACCESSWIRE Investor Awareness (November 9, 2017 - 7:00 AM EST)

News by QuoteMedia
www.quotemedia.com
Tags:

Legal Notice