Nabors Industries Ltd.
Built from real-time financials, refreshed daily. For a full Analyst Grade with bull/bear case, price targets, and qualitative risk analysis, generate a NBR research report →
Range $85 – $130
Price Chart
About the company
Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. The company operates through four segments: U.
- CEO
- Anthony G. Petrello
- IPO
- 1973
- Employees
- 13,900
- HQ
- Hamilton, PE, BM
AI snapshot
Six angles, distilled from the data.
The stock is in a strong multi-month recovery and sits well above its 200-day average, with the 50-day also trending above the long-term line. It is still below the 52-week high, so the setup is constructive but not yet back at peak-cycle levels.
Street sentiment is cautious-to-neutral: consensus sits at Hold, while the average target of $102 implies modest upside from current levels. Recent target moves have been mixed, with Piper Sandler lifting to $130, Barclays cutting to $93, and Susquehanna trimming to $85.
The recent earnings pattern is uneven, with 3 beats in the last 8 quarters and a sharp miss in the latest report. Next-year EPS estimates are still reset lower to 3.61 from a 2025 base of 15.95, so shareholders should watch margin stability and whether the next print confirms a trough.
Recent activity leans positive, but most of the volume is award-related rather than discretionary. The clearest signal is a 6,410-share open-market purchase by director John Yearwood, while the director and officer awards and CFO in-kind entries look routine compensation flow.
Profitability remains solid, with a 38.4% gross margin, 7.5% operating margin, and 7.69% net margin. Revenue growth is slightly negative at -2.2% year over year, but cash generation is strong, with $1.41 billion of free cash flow and a 104.23% FCF yield.
NBR stands out as a leveraged drilling name with strong cash conversion and a global land-rig footprint, but it carries meaningful debt at $2.57 billion versus $940.7 million of cash. Versus peers, the valuation still looks discounted on a sector basis, reflecting cyclical earnings risk and mixed analyst conviction.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $1.34B
- P/E
- 6.11
- Fwd P/E
- 22.07
- PEG
- 0.02
- P/S
- 0.42
- P/B
- 2.38
- EV/EBITDA
- 2.26
- Div Yield
- 0.00%
- Gross Margin
- 25.11%
- Op Margin
- 7.71%
- Net Margin
- 6.52%
- ROE
- 36.75%
- ROIC
- 4.37%
Latest fiscal year · YoY change
- Revenue
- $3.18B+8.7%
- Gross Profit
- $621.08M+12.0%
- Op Income
- $263.43M
- Net Income
- $248.34M+241.0%
- EPS
- $18.75+183.8%
- OCF Growth
- +19.2%
- FCF Growth
- -267.9%
- 52W High
- $112.90
- 52W Low
- $32.70
- 50D MA
- $85.84
- 200D MA
- $76.51
- Beta
- 1.01
- RSI (14)
- 55
- Avg Volume
- 278.83K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Nabors beat expectations in Q2, with stronger Lower 48 and international drilling, rising margins, and raised full-year EBITDA and free cash flow outlooks.· July 29, 2026
- Adjusted EBITDA was $222 million, above expectations and above guidance across all 4 reporting segments.
- Consolidated revenue rose to $815 million, up $31 million sequentially, with EBITDA margin expanding to 27.2%.
- Lower 48 strengthened: average daily revenue rose $902 to $33.6 thousand and average daily margin increased to $13.8 thousand.
- International drilling benefited from Saudi newbuilds and suspended-rig restarts, while SANAD continued to add capacity and sees a long runway.
- Management raised full-year EBITDA guidance to $920 million to $930 million and now expects adjusted free cash flow of $20 million to $30 million.
Second quarter consolidated revenue was $815 million, up $31 million, or 4%, sequentially. Adjusted EBITDA was $222 million, with EBITDA margin of 27.2%, up 107 basis points, and 54% fall-through. International Drilling revenue was $432 million and EBITDA was $131 million, with margin of 30.2%; U.S. Drilling revenue was $252 million and EBITDA was $94 million, with margin of 37.3%; Drilling Solutions revenue was $111 million and EBITDA was $40 million, with margin of 36.2%; Rig Technologies revenue was $37 million and EBITDA was $3.2 million. Lower 48 average daily revenue increased by $902 to $33.6 thousand and average daily margin increased by $107 to $13.8 thousand. For Q3, management expects international drilling average rig count of 94 to 96 and average daily gross margin of $18.1 thousand to $18.4 thousand; Lower 48 average working rig count of about 73 and average daily adjusted gross margin roughly flat at $13.8 thousand; Alaska/U.S. offshore EBITDA of about $11 million; Drilling Solutions EBITDA of about $42 million; and Rig Technologies EBITDA of $5 million to $6 million. Full-year 2026 EBITDA is now expected to be $920 million to $930 million, adjusted free cash flow $20 million to $30 million, and gross debt reduction at least $100 million. Full-year consolidated capex is expected to be $710 million to $730 million, including $325 million to $335 million for SANAD newbuilds.
Tony Petrello struck a confident tone, saying Nabors is “executing from a position of strength” and delivering on commitments. He emphasized three themes: international growth led by SANAD, improving Lower 48 conditions, and technology becoming a larger driver of earnings and differentiation. He highlighted milestones such as the Quaise geothermal project, Titan automated wrench commercialization, and ROC software wins as proof of the company’s strategy.
Miguel Rodriguez said every operating segment came in ahead of expectations, with particularly strong results in Lower 48 and International Drilling. He pointed to margin expansion, improved pricing, and longer contract duration in the Lower 48, plus strong execution in Saudi Arabia despite Middle East cost pressure. He also raised capex guidance to $710 million to $730 million for the year, noted Q2 adjusted free cash flow of $12 million, and said NDS converted about 90% of EBITDA into free cash flow. He said the company remains committed to capital discipline and reducing gross debt by at least $100 million in 2026.
Analysts focused on Lower 48 pricing and activity into 2027, and management said large operators remain disciplined while super-spec utilization is tightening, supporting a move toward the mid-$30 thousands daily revenue level by late 2026 and continued improvement into 2027. On Saudi Arabia, management said the next tranche of SANAD newbuilds should be discussed within the next quarter and that another 10 suspended rigs could return through LSTK work. Questions on geothermal drew a detailed response on Quaise, with Petrello describing its millimeter-wave approach, the need for rig integration changes, and the potential for a first 250 MW install. Analysts also asked about 2027 capex; management said it likely will not be lower than 2026 because of SANAD milestones and other strategic growth opportunities.
The quarter showed broad-based outperformance, with every segment ahead of plan and management raising full-year EBITDA and free cash flow guidance. Nabors also has visible growth drivers in Saudi newbuilds, Lower 48 pricing improvement, and technology adoption, while NDS remains highly cash generative. Management sounded confident that the business mix and customer relationships are improving the quality of earnings.
The Middle East still faces conflict-related cost pressure, and some of the SANAD newbuild spending has shifted into early 2027, keeping capex elevated. In the Lower 48, management said near-term renewal opportunities are limited, so pricing may hold flat in Q3 before improving later. 2027 visibility remains limited, and management would not quantify how many additional rigs may be added beyond broad comments on super-spec tightness and discipline.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 93.9%
- Shares Outstanding
- 14.80M
- Float Shares
- 13.89M
of shares held by institutions
248 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for NBR, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Christopher L. JacobsHouse · NY27 | Buy | Apr 11, 22 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 1.31M | ▲ 11.99K |
| Vanguard Group Inc | 871.05K | ▲ 13.42K |
| Vanguard Capital Management LLC | 664.92K | ▲ 35.64K |
| American Century Companies Inc | 640.47K | ▲ 134.57K |
| Dimensional Fund Advisors LP | 586.52K | ▲ 138.68K |
| State Street Corp | 484.65K | ▲ 19.65K |
| Miller Value Partners, LLC | 445.46K | ▲ 1.03K |
| Adage Capital Partners Gp, L.L.C. | 420.00K | ▼ 320.00K |
| Geode Capital Management, LLC | 418.22K | ▲ 66.35K |
| Engineers Gate Manager LP | 414.60K | ▲ 388.98K |
| Sixth Street Partners Management Company, L.P. | 377.72K | ▲ 377.72K |
| Charles Schwab Investment Management Inc | 377.72K | ▼ 94.00K |
Held by 214 ETFs
Biggest fund positions in NBR by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jun 2, 26 | YEARWOOD JOHN | other | 1,324 |
| Jun 2, 26 | Tudor David J | other | 1,324 |
| Jun 2, 26 | Linn Michael C | other | 1,324 |
| Jun 2, 26 | Kotts John P | other | 1,324 |
| Jun 2, 26 | CRANE JAMES R | other | 1,324 |
| Jun 2, 26 | CHASE ANTHONY R | other | 1,324 |
| Jun 2, 26 | Beder Tanya S | other | 1,324 |
| Feb 20, 26 | YEARWOOD JOHN | buy | 6,410 |
| Feb 18, 26 | Rodriguez Rodriguez Miguel Angel | other | 314 |
| Feb 19, 26 | Rodriguez Rodriguez Miguel Angel | other | 162 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our NBR coverage
Recent articles, reports, and earnings notes.
No research on NBR yet
For a full analyst-grade research report — grades, price targets, financials, chart analysis — generate one on demand.
Generate NBR report →Nabors Surges 155% in a Year: Here's How to Play the Stock
zacks.com · Aug 20
A Look at Nabors Industries Ltd (NBR) After 3.1% Gain -- GF Value $52.09 vs Price $94.17
gurufocus.com · Aug 14
3 Oil & Gas Drilling Stocks Bucking a Bearish Industry Trend
zacks.com · Aug 14
TechForce Robotics Signs LOI with NBR Intelligence for Potential Deployment of Up to 5,000 Robotic Systems
globenewswire.com · Aug 13
Arrowstreet Capital Limited Partnership Buys Shares of 15,393 Nabors Industries Ltd. $NBR
defenseworld.net · Aug 6
Is Nabors a Buy as Growth Improves While Leverage Stays Elevated?
zacks.com · Aug 3
Is Nabors Industries Ltd (NBR) Overvalued After 4.2% Rally? GF Value Says Overvalued
gurufocus.com · Jul 31
Nabors Posts Wider-Than-Expected Loss in Q2, Beats Revenues
zacks.com · Jul 31
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed August 14, 2026 · Live quote · Not investment advice