A number of energy companies enjoyed moves into positive territory today, including Chesapeake Energy (CHK), Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX), which were all up on stronger oil prices and a perceived increase in demand for natural gas as a streak of warmer weather approaches.
Shares of energy companies have been getting hit hard as of late, with 12 of the last 13 trading session has shares in the companies down.
The NYSE Arca Natural Gas Index, the NYSE Arca Oil Index, and the Philadelphia Oil Service Index were all trading positive in mid-day action.
Electrical utilities have been changing from coal use to cheaper natural gas, which has helped the beleaguered fuel source get some strength to it.
Oil prices rose to over $92 a barrel, jumping $.62 a barrel a little before noon.
BP (NYSE: BP), Nabors Industries (NYSE: NBR) and Valero Energy Corp. (NYSE: VLO) were all trading much stronger in response to positive signals.
Showing posts with label Nabors Industries. Show all posts
Showing posts with label Nabors Industries. Show all posts
Monday, May 21, 2012
Friday, October 29, 2010
Nabors Industries (NYSE:NBR) Lowers Internationa Guidance, Higher Taxes Remain Concern
Citing lower international guidance from Nabors Industries (NYSE:NBR), UBS (NYSE:UBS) said they're maintaining their "Neutral" rating on the company.
UBS said, "We are raising our 2011 EPS estimate by 11% to $1.70 from $1.53 reflecting 25% accretion from the Superior deal. However, the increase was partially offset by lower international guidance and higher taxes...We
continue our Neutral rating on Nabors. The company will benefit from its 20% exposure to pressure pumping near-term, as well as the ultimate sale of its E&P businesses. However, we believe there is risk for a flat to declining North American rig count in 2011 and prefer to sit on the sidelines until we begin to see the rig count roll over."
Nabors closed Thursday at $20.30, losing $0.22, or 1.07 percent. UBS increased their price target on the land drilling contractor from $19 to $22.
UBS said, "We are raising our 2011 EPS estimate by 11% to $1.70 from $1.53 reflecting 25% accretion from the Superior deal. However, the increase was partially offset by lower international guidance and higher taxes...We
continue our Neutral rating on Nabors. The company will benefit from its 20% exposure to pressure pumping near-term, as well as the ultimate sale of its E&P businesses. However, we believe there is risk for a flat to declining North American rig count in 2011 and prefer to sit on the sidelines until we begin to see the rig count roll over."
Nabors closed Thursday at $20.30, losing $0.22, or 1.07 percent. UBS increased their price target on the land drilling contractor from $19 to $22.
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