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Nabors Industries, Inc. (NBR: NYSE) is one of the largest land drilling contractors. Nabors conducts oil, gas and geothermal land drilling operations in the U.S. and internationally. Nabors also is one of the largest land well-servicing and workover contractors in the United States. To further supplement its primary business, it offers a number of ancillary well-site services, including oilfield management, engineering, transportation, construction, maintenance, well logging and other support services, in selected domestic and international markets.
According to their latest earnings report, Nabos delivered pretty good results. It generated 73 cents for the quarter, and has banked $2.21 per share for the first nine months of the year. They are expecting to earn about $3 per share this year.
Trading at $14.71 as I write, means the company trades for less than 5 times this years earnings with 3 quarters of it already accounted for.
I just read a report that oil had it's worth month ever...down more than 32%. Because of this, the market hates anything that has to do with the entire sector...especially the drillers. I believe they are ignoring the long-term trends, and people would rather waste their money on financials and retailers.
Gene Isenberg, Nabors chairman and CEO (and a large shareholder) said: Virtually all of our significant businesses increased compared to both the prior year and the second quarter of 2008.
The international business is really doing well. We did $332 million last year in operating income. We will be over $100 million more than that this year; my guess is about 420, Isenberg reminded his audience on the conference call. Ill tell you now for next year we will do probably more than $100 million more than we do this year.
I first picked up NBR in my personal portfolio last year. After some nice gains (the stock was trading at is 52-week high of $50.58 in July), the market has taken back everything and then some. I am currently "in the red," but the stock looks really cheap to me at these prices. I expect the stock price will rebound strongly when the price of oil and natural gas pick back up. Until then...I wish you profitable investing.