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Nabors Industries (NYSE:NBR) Stock, Chaîne d'Options

Nabors Industries

Nabors Industries Ltd owns and operates land-based drilling rig fleets and is a provider of offshore platform rigs in the United States and international markets. It also provides performance tools, directional drilling services, tubular running services, and innovative technologies. It has operations in over 15 countries, 291 actively marketed rigs for land-based drilling operations and 28 actively marketed rigs for offshore platform drilling operations in the United States and multiple international markets. The company has five reportable segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. The key revenue of the company is generated from International Drilling.

Nabors Industries Ltd

NUBIAN RESOURCES LTD by Nubian Resources Ltd

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Nabors Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBR#NYSE">NBR</a>) will release its quarterly earnings report on Tuesday, 2024-10-22. Here's a brief overview for investors ahead of the announcement.
Analysts anticipate Nabors Industries to report an earnings per share (EPS) of $-1.73.
Anticipation surrounds Nabors Industries's announcement, with investors hoping to hear about both surpassing estimates and receiving positive guidance for the next quarter.
New investors should understand that while earnings performance is important, market reactions are often driven by guidance.
<h3>Earnings History Snapshot</h3>
Last quarter the company missed EPS by $2.44, which was followed by a 10.42% increase in the share price the next day.
Here's a look at Nabors Industries's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>-1.85</td>
<td>-1.66</td>
<td>-1.22</td>
<td></td>
</tr>
<tr>
<td>EPS Actual</td>
<td>-4.29</td>
<td>-4.54</td>
<td>-1.56</td>
<td>-6.26</td>
</tr>
<tr>
<td>Price Change %</td>
<td>10.0%</td>
<td>-5.0%</td>
<td>-1.0%</td>
<td>-6.0%</td>
</tr>
</tbody>
</table>

<h3>Nabors Industries Share Price Analysis</h3>
Shares of Nabors Industries were trading at $73.09 as of October 18. Over the last 52-week period, shares are down 37.02%. Given that these returns are generally negative, long-term shareholders are likely upset going into this earnings release. 
<h3>Analyst Insights on Nabors Industries</h3>
For investors, grasping market sentiments and expectations in the industry is vital. This analysis explores the latest insights regarding Nabors Industries.
With 4 analyst ratings, Nabors Industries has a consensus rating of Neutral. The average one-year price target is $94.75, indicating a potential 29.63% upside.
<h3>Understanding Analyst Ratings Among Peers</h3>
The below comparison of the analyst ratings and average 1-year price targets of Borr Drilling, Seadrill and Patterson-UTI Energy, three prominent players in the industry, gives insights for their relative performance expectations and market positioning.
<ul>
<li>Analysts currently favor an Outperform trajectory for Borr Drilling, with an average 1-year price target of $9.0, suggesting a potential 87.69% downside.</li>
<li>Seadrill is maintaining an Buy status according to analysts, with an average 1-year price target of $64.0, indicating a potential 12.44% downside.</li>
<li>Patterson-UTI Energy received a Outperform consensus from analysts, with an average 1-year price target of $12.0, implying a potential 83.58% downside.</li>
</ul>
<h3>Summary of Peers Analysis</h3>
The peer analysis summary offers a detailed examination of key metrics for Borr Drilling, Seadrill and Patterson-UTI Energy, providing valuable insights into their respective standings within the industry and their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nabors Industries</td>
<td>Neutral</td>
<td>-4.21%</td>
<td>$134.43M</td>
<td>-14.73%</td>
</tr>
<tr>
<td>Borr Drilling</td>
<td>Outperform</td>
<td>45.01%</td>
<td>$240M</td>
<td>3.19%</td>
</tr>
<tr>
<td>Seadrill</td>
<td>Buy</td>
<td>-9.42%</td>
<td>$112M</td>
<td>8.45%</td>
</tr>
<tr>
<td>Patterson-UTI Energy</td>
<td>Outperform</td>
<td>77.65%</td>
<td>$109.39M</td>
<td>0.24%</td>
</tr>
</tbody>
</table>

Key Takeaway:
Nabors Industries ranks at the bottom for Revenue Growth among its peers. It also ranks at the bottom for Gross Profit. However, it ranks in the middle for Return on Equity.
<h3>Unveiling the Story Behind Nabors Industries</h3>
Nabors Industries Ltd owns and operates land-based drilling rig fleets and is a provider of offshore platform rigs in the United States and international markets. It also provides performance tools, directional drilling services, tubular running services, and innovative technologies. It has operations in over 15 countries, 291 actively marketed rigs for land-based drilling operations and 28 actively marketed rigs for offshore platform drilling operations in the United States and multiple international markets. The company has five reportable segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. The key revenue of the company is generated from International Drilling.
<h3>Key Indicators: Nabors Industries's Financial Health</h3>
Market Capitalization: Indicating a reduced size compared to industry averages, the company's market capitalization poses unique challenges.
Negative Revenue Trend: Examining Nabors Industries's financials over 3 months reveals challenges. As of 30 June, 2024, the company experienced a decline of approximately -4.21% in revenue growth, reflecting a decrease in top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Energy sector.
Net Margin: Nabors Industries's net margin is below industry standards, pointing towards difficulties in achieving strong profitability. With a net margin of -5.38%, the company may encounter challenges in effective cost control.
Return on Equity (ROE): Nabors Industries's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of -14.73%, the company may face hurdles in achieving optimal financial performance.
Return on Assets (ROA): Nabors Industries's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of -0.85%, the company may face hurdles in achieving optimal financial performance.
Debt Management: Nabors Industries's debt-to-equity ratio surpasses industry norms, standing at 10.06. This suggests the company carries a substantial amount of debt, posing potential financial challenges.
<a href="https://www.benzinga.com/quote/NBR/earnings">To track all earnings releases for Nabors Industries visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings

A Look at Nabors Industries's Upcoming Earnings Report

Barclays analyst David Anderson maintains Nabors Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBR#NYSE">NBR</a>) with a Equal-Weight and lowers the price target from $110 to $88.

News

Price Target

Analyst Ratings

Barclays Maintains Equal-Weight on Nabors Industries, Lowers Price Target to $88

RBC Capital analyst Keith Mackey reiterates Nabors Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBR#NYSE">NBR</a>) with a Sector Perform and maintains $102 price target.

Reiteration

RBC Capital Reiterates Sector Perform on Nabors Industries, Maintains $102 Price Target

Nabors Industries Ltd.&nbsp;("Nabors") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBR#NYSE">NBR</a>) and Parker Wellbore ("Parker") today announced a definitive agreement under which Nabors will acquire all of Parker's issued and outstanding common shares in exchange for 4.8 million shares of Nabors common stock, subject to a share price collar.
Parker provides drilling services across global energy markets. Through its Quail Tools subsidiary, Parker is the leading rental provider of high-performance downhole tubulars in the U.S. market. Internationally, Parker provides tubular rentals and repair services, with state-of-the-art facilities located in key geographies. Parker offers differentiated, casing and tubular running services in the U.S., the Middle East, Latin America, and Asia. Its portfolio also includes a fleet of 17 drilling rigs in the U.S. and international markets, as well as Operations &amp; Maintenance services primarily in Canada and Alaska.
Anthony Petrello, Chairman, President &amp; CEO of Nabors, commented, "This transaction brings together two of the storied names in our industry. The acquisition of Parker expands our high margin, capex-light Nabors Drilling Solutions global business, while solidifying the geographical footprint of our international drilling rig business. With Parker's resilient free cash flow and healthy capital structure, this acquisition also is expected to deliver profitable growth together with improved leverage metrics.
&nbsp;
Enhances scale and improves leverage metrics
On a combined company basis, adjusted EBITDA for the first six months of 2024 totaled $527 million. For the full year 2024, Parker expects to generate EBITDA of $180 million. With meaningful incremental EBITDA and only $100 million in additional net debt, the transaction is projected to improve Nabors' leverage metrics.

Guidance

Nabors Industries Announces Agreement To Acquire Parker Wellbore In Exchange For 4.8M Shares Of Nabors Common Stock, And The Assumption Of Net Debt Totaling ~$100M; Adjusted EBITDA For The First 6-Months Of 2024 Totaled $527M. For FY24, Parker Expects To Generate EBITDA Of $180M

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Shares of oil and gas companies are trading lower, possibly as the sector pulls back after rallying on Tuesday due to China stimulus efforts and Middle East tension. Also, a report suggests that rival factions in Libya have resumed talks.

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our<a href="http://benzinga.com/analyst-stock-ratings"> analyst ratings page</a>.
<ul>
<li>Wells Fargo cut the price target for Pebblebrook Hotel Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEB#NYSE">PEB</a>) from $15 to $13. Wells Fargo analyst Dori Kesten maintained an Equal-Weight rating. Pebblebrook Hotel Trust shares rose 1.5% to trade at $12.98 on Friday. S<a href="https://www.benzinga.com/quote/PEB/analyst-ratings">ee how other analysts view this stock.</a></li>
<li>TD Cowen cut the price target for Moderna, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) from $70 to $60. TD Cowen analyst Tyler Van Buren maintained a Hold rating. Moderna shares fell 4.9% to trade at $66.25 on Friday. <a href="https://www.benzinga.com/quote/mrna/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Truist Securities cut Zimmer Biomet Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZBH#NYSE">ZBH</a>) price target from $117 to $112. Truist Securities analyst Richard Newitter reiterated a Hold rating. Zimmer Biomet shares gained 1.8% to trade at $107.06 on Friday. <a href="https://www.benzinga.com/quote/zbh/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Guggenheim raised Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) price target from $185 to $200. Guggenheim analyst John Difucci maintained a Buy rating. Oracle shares rose 1% to trade at $162.87 on Friday. <a href="https://www.benzinga.com/quote/orcl/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Goldman Sachs raised the price target for TPG Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TPG#NASDAQ">TPG</a>) from $53 to $60. Goldman Sachs analyst Alexander Blostein maintained a Buy rating. TPG shares gained 3% to close at $55.55 on Friday. S<a href="https://www.benzinga.com/quote/tpg/analyst-ratings">ee how other analysts view this stock</a>.</li>
<li>UBS boosted CubeSmart (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CUBE#NYSE">CUBE</a>) price target from $53 to $54. UBS analyst Michael Goldsmith downgraded the stock from Buy to Neutral. CubeSmart shares fell 0.2% to trade at $53.81 on Friday. <a href="https://www.benzinga.com/quote/cube/analyst-ratings">See how other analysts view this stoc</a>k.</li>
<li>Stifel cut Wynn Resorts, Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WYNN#NASDAQ">WYNN</a>) price target from $121 to $103. Stifel analyst Steve Wieczynski maintained a Buy rating. Wynn Resorts shares rose 3.6% to trade at $79.07 on Friday. <a href="https://www.benzinga.com/quote/wynn/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Citigroup cut the price target for Nabors Industries Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBR#NYSE">NBR</a>) from $110 to $75. Citigroup analyst Scott Gruber downgraded the stock from Buy to Neutral. Nabors Industries shares rose 0.5% to trade at $65.41 on Friday. <a href="https://www.benzinga.com/quote/nbr/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Barclays slashed Garmin Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>) price target from $181 to $133. Barclays analyst George Wang downgraded the stock from Equal-Weight to Underweight. Garmin shares fell 6.2% to trade at $170.74 on Friday. <a href="https://www.benzinga.com/quote/grmn/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Evercore ISI Group raised The Kroger Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KR#NYSE">KR</a>) price target from $62 to $63. Evercore ISI Group analyst Michael Montani maintained an Outperform rating. Kroger shares rose 1.1% to trade at $55.81 on Friday. <a href="https://www.benzinga.com/quote/kr/analyst-ratings">See how other analysts view this stock.</a></li>
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Citigroup analyst Scott Gruber downgrades Nabors Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBR#NYSE">NBR</a>) from Buy to Neutral and lowers the price target from $110 to $75.

Downgrades

Citigroup Downgrades Nabors Industries to Neutral, Lowers Price Target to $75

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Shares of oil and gas stocks are trading lower despite Middle East tensions. Weak US economic data may be weighing on demand outlook.

As of July 26, 2024, three stocks in the energy sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi">RSI is above 70</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>. 
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<h3 class="wp-block-heading">Nabors Industries Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBR#NYSE">NBR</a>)</h3>
<ul>
<li>On July 23, Nabors Industries posted better-than-expected quarterly sales. Anthony G. Petrello, Nabors Chairman, CEO and President, commented, &#8220;Our second quarter operating results were better than we expected. This performance was driven by growth and higher average daily margins in our International Drilling segment, as well as stronger performance in our Drilling Solutions and Rig Technologies segments.&#8221; The company's stock gained around 45% over the past month and has a <a href="https://www.benzinga.com/quote/NBR">52-week high of $141.47</a>.</li>
<li>RSI Value: 76.76&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li>
<li>NBR Price Action: Shares of Nabors Industries gained 12.7% to close at $100.81 on Thursday.</li>
</ul>
<h3 class="wp-block-heading">VAALCO Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EGY#NYSE">EGY</a>)</h3>
<ul>
<li>VAALCO Energy will issue its second quarter earnings release on Tuesday, Aug. 6, after the closing bell. The company's stock gained around 13% over the past month and <a href="https://www.benzinga.com/quote/EGY">has a 52-week high </a>of $7.50.</li>
<li>RSI Value: 70.27</li>
<li>EGY Price Action: Shares of VAALCO Energy gained 2.9% to close at $7.20 on Thursday.</li>
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<h3 class="wp-block-heading">Oceaneering International Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OII#NYSE">OII</a>)</h3>
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<li>On July 24, Oceaneering International posted better-than-expected quarterly sales. Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, &#8220;Activity levels in our energy-related businesses, led by Subsea Robotics (SSR), increased and outperformed our expectations. Our adjusted EBITDA was in line with our guidance and consensus estimates.&#8221; The company's stock gained around 28% over the past month and has a <a href="https://www.benzinga.com/quote/OII">52-week high</a> of $29.17.</li>
<li>RSI Value: 75.67</li>
<li>OII Price Action: Shares of Oceaneering International gained 13.8% to close at $28.95 on Thursday.</li>
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RBC Capital analyst Keith Mackey reiterates Nabors Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBR#NYSE">NBR</a>) with a Sector Perform and maintains $114 price target.

RBC Capital Reiterates Sector Perform on Nabors Industries, Maintains $114 Price Target

U.S. stocks were lower, with the Dow Jones index falling around 350 points on Wednesday.
Shares of AT&amp;T Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/T#NYSE">T</a>) rose during Wednesday's session following <a href="https://www.benzinga.com/news/earnings/24/07/39929205/at-t-q2-earnings-strong-wireless-net-adds-higher-free-cash-flow-stable-annual-outlook">second-quarter earnings</a>.
AT&amp;T reported fiscal second-quarter 2024 operating revenues of $29.8 billion, down 0.4% year over year and missing the analyst consensus estimate of $29.9 billion. Adjusted EPS of 57 cents is in line with the analyst consensus estimate, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
AT&amp;T shares gained 3.1% to $18.78 on Wednesday.
Here are some other big stocks recording gains in today&#8217;s session.
<ul>
<li>PROG Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRG#NYSE">PRG</a>) shares jumped 20.4% to $41.71 after the company reported better-than-expected second-quarter financial results. Also, the company raised its FY24 guidance above estimates.</li>
<li>QXO, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QXO#NASDAQ">QXO</a>) rose 19.4% to $94.69. The company on Monday announced a private placement financing.</li>
<li>Flex Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLEX#NASDAQ">FLEX</a>) rose 10.9% to $32.96 after the company reported better-than-expected second-quarter financial results.</li>
<li>Manhattan Associates, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MANH#NASDAQ">MANH</a>) gained 10.5% to $249.78 after the company reported better-than-expected second-quarter financial results.</li>
<li>Group 1 Automotive, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) rose 9.6% to $333.95 after the company reported better-than-expected second-quarter adjusted EPS results.</li>
<li>Enphase Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) jumped 9.2% to $113.18 after the company reported second-quarter financial results.</li>
<li>Q32 Bio Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QTTB#NASDAQ">QTTB</a>) gained 8.2% to $35.00.</li>
<li>Mattel, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAT#NASDAQ">MAT</a>) rose 7.9% to $18.61 after the company reported better-than-expected second-quarter adjusted EPS results.</li>
<li>Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) shares climbed 7.5% to $113.33 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter guidance above estimates.</li>
<li>Nabors Industries Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBR#NYSE">NBR</a>) gained 7.2% to $86.80 following quarterly results.</li>
<li>Alkermes plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALKS#NASDAQ">ALKS</a>) rose 7% to $26.69 after the company reported better-than-expected second-quarter financial results.</li>
<li>Tenet Healthcare Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THC#NYSE">THC</a>) shares climbed 6.8% to $148.17 after the company reported better-than-expected second-quarter financial results and the company and raised its FY24 guidance above estimates. Also, the company announced it authorized a $1.5 billion share buyback.</li>
<li>Avantor, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AVTR#NYSE">AVTR</a>) gained 6.5% to $22.55 after it was announced the stock will join the S&amp;P MidCap 400.</li>
<li>CoStar Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSGP#NASDAQ">CSGP</a>) gained 6.5% to $79.69 following second-quarter results.</li>
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<li>Stifel Financial Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SF#NYSE">SF</a>) rose 5.5% to $86.93 following upbeat earnings.</li>
<li>Vicor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VICR#NASDAQ">VICR</a>) gained 5.5% to $40.02 following quarterly results.</li>
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Nabors Sees Q3 2024 Capital Expenditures $190M-$200M With $80M-$85M For Newbuilds In Saudi Arabia

Nabors Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBR#NYSE">NBR</a>) reported quarterly losses of $(4.29) per share. The company reported quarterly sales of $742.979 million which beat the analyst consensus estimate of $739.250 million by 0.50 percent. This is a 4.60 percent decrease over sales of $778.810 million the same period last year.

Earnings Beats

Nabors Industries Q2 2024 GAAP EPS $(4.29), Sales $742.979M Beat $739.250M Estimate

Nabors intends to use the net proceeds from this offering, along with cash on hand, to redeem all of its&nbsp;7.25%&nbsp;senior guaranteed notes due 2026. Any excess proceeds will be used for general corporate purposes, including, potentially, repayment of other outstanding indebtedness.&nbsp;

Reported Earlier, Nabors Industries Prices $550M Senior Guaranteed Notes Due 2031 At 8.875% Annual Interest

Nabors Industries Announces Preliminary Q2 2024 Operating Results; Revenue Approximately $735M, Adjusted EBITDA $218M, Adjusted Free Cash Flow Between $55M And $60M; International Expansion And Stable U.S. Activity Noted; Averaged 68.7 Rigs In Lower 48 With $15,598 Gross Margin Per Rig Day, 84.4 Rigs Internationally With $16,050 Gross Margin Per Rig Day; Full Results To Be Released July 23, 2024, With Earnings Call On July 24, 2024

Citigroup analyst Scott Gruber maintains Nabors Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBR#NYSE">NBR</a>) with a Buy and lowers the price target from $95 to $91.

Citigroup Maintains Buy on Nabors Industries, Lowers Price Target to $91

Nabors Industries CFO William Restrepo Participates In J.P. Morgan Energy, Power & Renewables Conference; Confirms Strong Activity And Financial Results In International And U.S. Drilling Segments; Highlights Positive Outlook For Drilling Solutions And Maintains 2024 Capital Expenditures Estimate Of $590M

The most oversold stocks in the energy sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the <a href="https://www.benzinga.com/topic/rsi">RSI is below 30</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>.
Here's the latest list of major oversold players in this sector, having an RSI near or below 30.
<h3 class="wp-block-heading">Nabors Industries Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBR#NYSE">NBR</a>)</h3>
<ul>
<li>On June 17, Nabors announced amendment and restatement of $475 million credit facility. The company's stock fell around 22% over the past month and has a <a href="https://www.benzinga.com/quote/NBR">52-week low </a>of $59.90.</li>
<li>RSI Value: 29.33</li>
<li>NBR Price Action: Shares of Nabors Industries rose 1.5% to close at $61.79 on Monday.</li>
<li><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent061824&amp;t=be2bearmibe3na1">Benzinga Pro's real-time newsfeed</a> alerted to latest NBR's news.</li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://pro.benzinga.com/dashboard"><img loading="lazy" decoding="async" width="672" height="749" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/18033742/Screenshot-2024-06-18-at-1.07.35-PM.png" alt="" class="wp-image-392862" style="width:419px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/18033742/Screenshot-2024-06-18-at-1.07.35-PM.png 672w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/18033742/Screenshot-2024-06-18-at-1.07.35-PM-269x300.png 269w" sizes="(max-width: 672px) 100vw, 672px" /></a></figure>
<h3 class="wp-block-heading">Delek US Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DK#NYSE">DK</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</h3>
<ul>
<li>On June 14, Piper Sandler analyst Ryan Todd maintained Delek US Hldgs with a Neutral and lowered the price target from $30 to $25. The company's stock fell around 15% over the past month. It <a href="https://www.benzinga.com/quote/DK">has a 52-week low</a> of $21.68.</li>
<li>RSI Value: 25.02</li>
<li>DK Price Action: Shares of Delek US Holdings fell 0.5% to close at $23.96 on Monday.</li>
<li>Benzinga Pro's charting tool helped identify the <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent061824&amp;t=be2bearmibe3na1">trend in DK&#8217;s stock</a>.</li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://pro.benzinga.com/dashboard"><img loading="lazy" decoding="async" width="687" height="751" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/18033840/Screenshot-2024-06-18-at-1.08.34-PM.png" alt="" class="wp-image-392864" style="width:446px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/18033840/Screenshot-2024-06-18-at-1.08.34-PM.png 687w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/18033840/Screenshot-2024-06-18-at-1.08.34-PM-274x300.png 274w" sizes="(max-width: 687px) 100vw, 687px" /></a></figure>
<h3 class="wp-block-heading">Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>)</h3>
<ul>
<li>A federal judge has dismissed Exxon Mobil's lawsuit against activist shareholder Arjuna Capital over a climate proposal. The company's stock fell around 4% over the past five days and has a 52-week <a href="https://www.benzinga.com/quote/XOM">low of $95.77</a>.</li>
<li>RSI Value: 29.21</li>
<li>XOM Price Action: Shares of Exxon Mobil fell 0.7% to close at $108.36 on Monday.</li>
<li><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent061824&amp;t=be2bearmibe3na1">Benzinga Pro's signals feature</a> notified of a potential breakout in XOM&#8217;s shares.</li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://pro.benzinga.com/dashboard"><img loading="lazy" decoding="async" width="662" height="745" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/18033957/Screenshot-2024-06-18-at-1.09.52-PM.png" alt="" class="wp-image-392865" style="width:392px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/18033957/Screenshot-2024-06-18-at-1.09.52-PM.png 662w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/06/18033957/Screenshot-2024-06-18-at-1.09.52-PM-267x300.png 267w" sizes="(max-width: 662px) 100vw, 662px" /></a></figure>
Read More: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/06/39355507/jim-cramer-says-hes-going-to-have-to-wait-on-sofi-but-recommends-this-great-little-indus">Jim Cramer Says He&#8217;s &#8216;Going To Have To Wait&#8217; On SoFi, But Recommends This &#8216;Great Little Industrial Company</a>&#8216;

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Shares of several oil & gas companies are trading lower following an OPEC+ meeting in which members said they would start phasing out voluntary production cuts in October.

Vista Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIST#NYSE">VIST</a>) and Nabors Industries (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NBR#NYSE">NBR</a>) announced today the official signing of the contract to add a third drilling rig, aiming to accelerate Vista´s development of Vaca Muerta in southern Argentina.
The signing occurred at Nabors' offices in Houston, with the participation of Juan Garoby, Co-founder and COO of Vista, Pablo Vera Pinto, Co-founder and CFO of Vista, Anthony Petrello, Chairman, CEO and President of Nabors, and William Restrepo, CFO of Nabors.
Juan Garoby, COO of Vista said: "The addition of a third drilling rig will provide us flexibility to accelerate our activity plan in Vaca Muerta. We forecast to put into production between four to eight wells by year-end, in addition to the 46 previously announced. We are pleased to carry out this project in collaboration with Nabors, which represents a significant extension of a strategic relationship during Vista´s early days, anchored in our One Team program."
Anthony G. Petrello, Chairman, CEO and President of Nabors said: "By expanding our relationship with Vista and deploying advanced technology, we are enhancing operational excellence while increasing our commitment to a region that we consider to be a world-class resource. We want to thank the Vista team for their leadership and early adoption of technology, which sets a high standard for advancement and performance in Argentina."
Nabors will deploy a high-spec rig with cutting-edge technologies. It is scheduled to commence operations in the second half of 2024. In support of Vista's plan to reduce the carbon footprint of Vaca Muerta operations, there is potential to electrify this equipment.
Earlier this year, using Nabors provided technology, Vista electrified the first drilling rig in Vaca Muerta, Nabors PACE&#xAE; F24, which is entirely powered by renewable energy.

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Vista And Nabors To Deploy Third Drilling Rig, Aiming To Accelerate Vista's Development Of Vaca Muerta In Southern Argentina

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