Biden bans new offshore drilling along most of U.S. coastline
Written by Emily J. Thompson, Senior Investment Analyst
Biden's Offshore Drilling Protection: President Joe Biden announced the protection of over 625 million acres of U.S. ocean from future oil and natural gas leasing, citing environmental and economic risks associated with offshore drilling as outweighing the potential fossil fuel resources.
Scope of Protections: The protections cover the entire U.S. East coast, the eastern Gulf of Mexico, the Pacific coasts of Washington, Oregon, and California, and parts of the Northern Bering Sea in Alaska, aiming to safeguard coastal communities, marine ecosystems, and local economies from the impacts of drilling.
Analyst Views on NBR
Wall Street analysts forecast NBR stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for NBR is 52.00 USD with a low forecast of 32.00 USD and a high forecast of 66.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
6 Analyst Rating
1 Buy
3 Hold
2 Sell
Hold
Current: 61.880
Low
32.00
Averages
52.00
High
66.00
Current: 61.880
Low
32.00
Averages
52.00
High
66.00
About NBR
Nabors Industries Ltd. is a provider of advanced technology for the energy industry. The Company operates in over 20 countries and provides drilling and drilling-related services for land-based and offshore oil and natural gas wells, with a fleet of rigs and drilling-related equipment. Its segments include U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. Its RigCLOUD platform is an edge computing system designed to support workflow management, performance monitoring, and user-specific configurations. Its fleet includes over 284 actively marketed rigs for land-based drilling operations in the United States and various countries throughout the world and 26 actively marketed rigs for offshore platform drilling operations in the United States and multiple international markets. It provides performance tools, directional drilling services, tubular running services, and technologies for use on its own rig fleet and rigs operated by third parties.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
