Nabors Industries Ltd. (NBR)
by Zacks Equity ResearchSeptember 18, 2012 | Comments : 1 Recommended this article: (0)
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The recent weakness in the North American onshore rig count has also been a negative. As usual, we remain concerned about weak natural gas fundamentals, which are likely to limit the company's ability to generate positive earnings surprises. Nabors fairly debt-heavy balance sheet also remains an issue.
Considering these factors, we see Nabors as a risky bet from which ordinary investors should exit. This is corroborated by our new Underperform recommendation and the $13 price objective, which is based on 2012 P/E multiple of 7.0X.
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