Drilling services company Nabors Industries (NYSE: NBR) will be reporting earnings this Tuesday after market close. Here’s what to expect.
Nabors Industries beat analysts’ revenue expectations last quarter, reporting revenues of $783.5 million, up 6.4% year on year. It was a very strong quarter for the company, with a beat of analysts’ EPS and EBITDA 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 decline 3.1% year on year, a reversal from the 13.3% 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 Q2 results, giving us a hint as to what we can expect. World Kinect delivered year-on-year revenue growth of 50.3%, beating analysts’ expectations by 27.7%, and Oceaneering reported revenues up 10%, topping estimates by 4.3%. World Kinect traded up 5.2% following the results while Oceaneering was also up 6.7%.
Read our full analysis of World Kinect’s results here and Oceaneering’s results here.
There has been positive sentiment among investors in the oilfield services segment, with share prices up 5.4% 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 $106 (compared to the current share price of $83.37).
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