Drilling services company Nabors Industries (NYSE: NBR) will be reporting results this Tuesday afternoon. Here’s what investors should know.
Nabors Industries beat analysts’ revenue expectations last quarter, reporting revenues of $814.8 million, down 2.2% year on year. It was a slower quarter for the company, with a significant miss of analysts’ EPS estimates.
Is Nabors Industries a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Nabors Industries’s revenue to grow 4.7% year on year, slowing from the 11.8% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Nabors Industries has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Nabors Industries’s peers in the oilfield services segment, some have already reported their Q3 results, giving us a hint as to what we can expect. SLB delivered year-on-year revenue growth of 5.8%, beating analysts’ expectations by 1.7%, and Halliburton reported revenues up 1.8%, topping estimates by 2.1%. Halliburton traded up 3.1% following the results.
Read our full analysis of SLB’s results here and Halliburton’s results here.
There has been positive sentiment among investors in the oilfield services segment, with share prices up 5.2% on average over the last month. Nabors Industries’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $107.38 (compared to the current share price of $79.89).
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