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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: marc chatman who wrote (21821)5/11/1998 12:29:00 PM
From: SJS  Read Replies (1) of 95453
 
From briefing.com
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NABORS INDUSTRIES (NBR) 27 1/8 +1 1/2. Shares of land drilling company are being lifted by a Morgan Stanley Dean Witter upgrade from outperform" to "strong buy." The move follows several recent meetings with NBR management, recent contract awards, and what Morgan Stanley calls a better understanding of the company's international position. What's more, later this week the issue will be added to the Morgan Stanley energy team's model portfolio, representing the firm's ten top picks among the 140 stocks covered by the group. But before you go out and load up on NBR, be forewarned that analyst Scott Soler does not necessarily think that the stock has bottomed out yet. Citing the continued softness in oil prices, Mr. Soler believes that the stock could potentially give up as much as 15% before making its move to the analyst's new $38 price target (increased from $35).

Since Morgan Stanley first initiated coverage of NBR shares on March 2, the stock has climbed 18%. Following its recent report of Q4 earnings (which came in a penny below the First Call mean), NBR noted that operations in the lower 48 states of the U.S. had been hurt by lower crude oil prices. However, the company said that there are signs that lead it to conclude that "the rig market is stabilizing and that we may see an upturn in activity later in the year." Based on a First Call survey of 17 analysts, Nabors is expected to earn $1.56 (P/E 17) and $2.08 (13) a share for fiscal years 1998 and 1999, suggesting year/year growth of 33%. The company is forecast to log EPS growth of 24% per annum over the next five years.
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