|Bid||0.3826 x 900|
|Ask||0.3831 x 2200|
|Day's range||0.3595 - 0.4000|
|52-week range||0.3100 - 4.0800|
|Beta (5Y monthly)||2.87|
|PE ratio (TTM)||N/A|
|Earnings date||27 Apr 2020 - 03 May 2020|
|Forward dividend & yield||0.04 (10.68%)|
|Ex-dividend date||10 Mar 2020|
|1y target est||1.33|
The Dow and the S&P 500 closed in the positive territory on Wednesday as investors remained hopeful that the U.S. Senate will pass a $2 trillion economic rescue package to boost beaten-down stocks.
Apart from the cost containment, Nabors (NBR) plans to postpone its dividend payout to stash cash as business operations slow down due the coronavirus outbreak and the oil price struggle.
(Bloomberg) -- Work in U.S. oil fields has plunged to the lowest in at least four years, according to the Federal Reserve Bank of Dallas.“Relative to last quarter, business activity levels plunged, firms cut capital spending and outlooks became extremely pessimistic,” Michael Plante, senior research economist for the Dallas Fed, said Wednesday in the bank’s latest survey of energy companies.The survey’s business activity index, which already was at a negative 4.2 for the fourth quarter, sank to a negative 50.9.“All indexes pointed to worsening conditions among oilfield services firms,” according to the report.Global OutlookWorldwide, the crude slump may eliminate 1 million jobs, Rystad Energy said in a separate report.The oil services industry, which explorers hire to map underground reservoirs, drill wells and rejuvenate older fields, employs more than 5 million across the globe today, according to Rystad. The Norway-based industry consultant is forecasting a 21% contraction in that workforce this year, a staggering blow but still not as bad as the 30% loss exacted during the depths of the last crash in 2016.“Low oil prices are likely to persist in 2021 and could lead to further workforce reductions,” Audun Martinsen, Rystad’s head of oilfield service research said Wednesday in a report. “E&P operators and contractors want to minimize the potential spread of Covid-19 by reducing the workforce to an absolute minimal level.”North American shale, which Schlumberger Ltd. and Halliburton Co. warned on Tuesday will decline faster than during the last downturn, will feel the greatest job-cut pain, losing as much as 32% of its workforce, according to Rystad. Offshore contractors will shed 19% this year, and onshore jobs around the globe outside of shale will drop by 17% this year.Nabors Industries Ltd., owner of the world’s biggest fleet of onshore rigs, plans to suspend its dividend and slash C-suite pay. First-quarter earnings will fall short of guidance, the company said on Wednesday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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