Dahlman Rose Comments on Nabors Industries

Dahlman Rose provided color on Nabors Industries NBR in a research report published today. Dahlman Rose has previously given Nabors a Hold rating and left its Nabors price target unchanged at $33. In the report, Dahlman Rose states, "Lower-than-expected results from its Pressure Pumping, US Offshore, and international businesses contributed to the lower guidance. Pressure pumping operations will be soft in 2Q11, but are expected to rise in 3Q11, as weather issues in the Bakken and Marcellus should not repeat and start-up costs ease. Internationally, civil unrest and delays in contract awards pushed 2Q11 down and are forecast to keep 3Q11 flat. Stronger-than-expected results in US and Canadian land drilling should partially offset this." Shares of Nabors Industries were trading at $22.68 at the time of posting, down 1.56% from Friday's market close.