In a report issued on October 9, Marc Bianchi from Cowen & Co. reiterated a Buy rating on Nabors Industries (NYSE: NBR), with a price target of $11. The company’s shares closed yesterday at $5.98.
According to TipRanks.com, Bianchi has currently no stars on a ranking scale of 0-5 stars, with an average return of -8.1% and a 30.8% success rate. Bianchi covers the Basic Materials sector, focusing on stocks such as Baker Hughes a GE company, Diamond Offshore Drilling, and Oceaneering International.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Nabors Industries with a $10.88 average price target.
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Based on Nabors Industries’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $196 million. In comparison, last year the company had a GAAP net loss of $149 million.
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Nabors Industries Ltd. engages in the provision of platform work over and drilling rigs. It operates through the following segmetns: U.S., Canada, International, Drilling Solutions, and Rig Technologies. The U.S. segment includes land drilling activities in states and Alaska as well as offshore operations in the Gulf of Mexico.
