Seaport Global analyst Mike Urban reiterated a Buy rating on Nabors Industries (NYSE: NBR) yesterday and set a price target of $11. The company’s shares opened today at $6.62.
According to TipRanks.com, Urban ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -6.1% and a 41.7% success rate. Urban covers the Basic Materials sector, focusing on stocks such as Baker Hughes a GE company, C&J Energy Services Inc, and Schlumberger Limited.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Nabors Industries with a $9.53 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 $199 million. In comparison, last year the company had a GAAP net loss of $113 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.
