For the first quarter the oil and gas drilling company reported earnings of 16 cents a share, beating analysts' expectations of 14 cents a share by 2 cents. Revenue fell 3.7% from the year-ago quarter to $1.56 billion. Analysts surveyed by Thomson Reuters expected revenue of $1.55 billion.
"As expected, weather-induced interruptions in our Completion Services segment overshadowed what was otherwise relatively good performance by our various drilling operations," chairman, president, and CEO Tony Petrello said in a statement. " Seasonal increases in Canada and Alaska, along with higher third-party sales in Canrig, partially offset the sharp reduction in Completion results. Operating income for our international and U.S. Lower 48 operations decreased slightly below the strong fourth quarter level, but was better than expected on higher rig years."
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TheStreet Ratings team rates NABORS INDUSTRIES LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate NABORS INDUSTRIES LTD (NBR) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth, expanding profit margins, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."