Nabors Q2 Revenue Misses, Guides for Full-Year Loss
NBR has more than doubled off its 52-week low of $30.9.
Summary
Nabors reported Q2 revenue of $814.8M, just shy of the $814.96M consensus, and a net loss of $22.3M. The miss is small but comes after a Q1 net loss of $15.2M, extending the red ink. Full-year adjusted EBITDA guidance of $920M-$930M and capex of $710M-$730M (down $25M at midpoint) signal management is trimming spending. Adjusted free cash flow is seen at only $20M-$30M for the year, leaving little room for error. The stock closed at $74.09, well below the median analyst target of $115, but the hold-heavy consensus and peer underperformance suggest skepticism. Watch for any update on international rig additions, particularly in Saudi Arabia, which could shift the trajectory.
At the time of this announcement, NBR was trading at $74.09 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.1B. The 52-week trading range was $30.90 to $112.90. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.