Barclays Lowers PT and Estimates on Nabors (NBR); Another Pressure Pumping Pre-announce

Barclays maintains an 'Equalweight' on Nabors (NYSE: NBR) price target of $19.00 (from $20.00).

Analyst, James C. West, said, "We lowered our estimates for Nabors yesterday in our Global Oil Patch Weekly to reflect the unfolding pressure on land rig dayrates and utilization faced by the land drillers, continued deterioration in the stimulation market, and the increased potential that the rig count will trend down modestly in 2H12."

West further cuts estimates on NBR: Q2 EPS from $0.41 to $0.38, FY12 from $2.10 to $2.00 and FY13 from $2.40 to $2.15.

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

Shares of Nabors closed at $14.07 yesterday.

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