Nabors Industries LTD. (NBR): Goldman Sachs Downgrades Nabors (NBR) to...

Reply Private New

Next 10 Prev Next

Send PM Follow Ignore

Followers	194
Posts	46946
Boards Moderated	1
Alias Born	11/09/2004

eastunder

Re: None

Friday, 07/12/2013 1:03:22 PM

Friday, July 12, 2013 1:03:22 PM

Goldman Sachs Downgrades Nabors (NBR) to Buy

http://www.streetinsider.com/Downgrades/Goldman+Sachs+Downgrades+Nabors+%28NBR%29+to+Buy/8488789.html

Goldman Sachs downgraded Nabors (NYSE: NBR) from Conviction Buy to Buy with a price target of $19.50 (from $22.00). The change follows a Q2 earnings warning issued by Nabors yesterday.

"We are disappointed by the new guidance as we were confident that NBR would meet our forecast of $119mn in EBIT. We were expecting the company's manufacturing and logistics business to report about $6mn in EBIT, but we believe most likely that business returned a loss, which would explain perhaps half of the miss. The remainder of the miss was probably in the pressure pumping business, owing to inclement weather in Canada and the US Rockies," said analyst Waqar Syed.

Goldman cut its 2013/14 EPS estimate to $0.82/$1.37 from $1.04/$1.85. 2013/14 EBITDA was cut 5% & 9%, respectively.

Shares of Nabors closed at $16.00 yesterday, with a 52 week range of $12.75-$18.24.

"Then there was a woman, a lion of a woman."