UPDATE: Canaccord Genuity Downgrades Nabors (NBR) to Hold

(Updated - July 26, 2012 11:51 AM EDT)

Canaccord Genuity downgraded Nabors (NYSE: NBR) from Buy to Hold.

The firm cited "underperforming land drilling and international divisions: Although NBR had already pre-released a sharp decrease in QoQ results, we have become more pessimistic regarding the company’s land drilling and international divisions. We believe E&P spending reductions, the entry of newly built land rigs into the market and declining demand for lower quality rigs (40 of NBR’s 307 rigs in the US lower 48 states are not electric) will negatively impact NBR’s drilling division."

For an analyst ratings summary and ratings history on Nabors click here. For more ratings news on Nabors click here.

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