Nabors Industries Ltd. (NBR) has recently failed to live up to analysts' expectations on revenue but outperformed on adjusted earnings per share. Bearish traders opportunistically reacted to the news and the share price went south in the morning on February 21 but later during the day quickly reclaimed the levels abandoned earlier.
2019 results of Nabors were expectedly depressed, buffeted by precisely the same issues that I discussed in the recent article on Helmerich & Payne (HP), another U.S. drilling industry heavyweight. In the Lower 48, the company's flagship business area,