In a report issued on July 29, Praveen Narra from Raymond James maintained a Hold rating on Nabors Industries (NBR). The company’s shares closed last Wednesday at $53.73.
According to TipRanks.com, Narra is a 1-star analyst with an average return of -2.9% and a 45.7% success rate. Narra covers the Services sector, focusing on stocks such as Propetro Holding, Helix Energy, and Cactus.
Nabors Industries has an analyst consensus of Hold, with a price target consensus of $34.79, implying a -28.9% downside from current levels. In a report issued on August 3, Barclays also upgraded the stock to Hold with a $42.00 price target.
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Based on Nabors Industries’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $534 million and GAAP net loss of $148 million. In comparison, last year the company earned revenue of $771 million and had a GAAP net loss of $204 million.
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Nabors Industries Ltd. engages in the provision of platform work over and drilling rigs. It operates through the following segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. The U.S. Drilling segment includes land drilling activities in states and Alaska as well as offshore operations in the Gulf of Mexico. The Canada segment consists of land-based drilling rigs in Canada. The International segment focuses in maintaining a footprint in the oil and gas market, most notably in Saudi Arabia, Algeria, Argentina, Colombia, Kazakhstan, and Venezuela. The Drilling Solutions segment offers drilling technologies, such as patented steering systems and rig instrumentation software systems that enhance drilling performance and wellbore placement. The Rig Technologies segment comprises Canrig, which manufactures and sells top drives, catwalks, wrenches, drawworks, and drilling related equipment such as robotic systems and downhole tools. The company was founded by Clair Nabors in 1952 and is headquartered in Hamilton, Bermuda.