Close

Canaccord Genuity Morning Coffee on Nabors Industries (NYSE: NBR): Barron's Helps Play A Little Defense

June 19, 2012 11:03 AM EDT
Get Alerts NBR Hot Sheet
Price: $86.13 -2.08%

Rating Summary:
    11 Buy, 17 Hold, 10 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
Join SI Premium – FREE
Canaccord Genuity Morning Coffee on Nabors Industries (NYSE: NBR): Barron's Helps Play A Little Defense

Oil and gas drilling company Nabors Industries is poised to see its shares rise, according to a report in Barron's. While its stock is down more than 50% from its 52-week high, hurt by a drop in natural gas prices, the world's largest onshore driller deserves a second look, the report said. The company, which raised investors' ire with its generous perks and packages for its former CEO, is back on track with a new chief executive. Shareholders look to be getting a stronger say in corporate governance, and there are lots of reasons to be optimistic, stated Barron’s. The company’s domestic drilling business in the lower 48 states has performed well despite industry challenges. Nabors' Alaska and offshore operations have rebounded, and its overseas operations appear to be recovering. Progress has been made in shedding its noncore businesses, and those asset sales will help reduce a hefty $4.8 billion in debt. That said, Nabors stock should snap back if natural gas prices increase, which is bound to happen eventually.

Shares spiked at the open yesterday, but fell throughout the day. This morning, the stock is up about 3%.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Analyst Comments

Related Entities

Barron's, Canaccord Genuity