Simmons Raises Price Target on Nabors Industries (NBR) Following 2Q
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Simmons reiterated a Neutral rating on Nabors Industries (NYSE: NBR), and raised the price target to $12.50 (from $12.25), following a review of the company's 2Q.
Analyst John Daniel commented, "Cautious near-term outlook by NBR is partially offset by recent contract awards. With three new contracts expected to contribute an incremental ~$75M of EBITDA annually, we tweak higher our longer-term estimates. Consequently, our PT increases to $12.50 from $12.25 (employing a combination of a 7.0x EV/’18 EBITDA multiple in both cases as well as our RV template). A developing item of interest will be NBR’s efforts to buy CJES. A quick read of the bankruptcy filings points to an effort by NBR to provide DIP financing to CJES and potentially acquire the assets. That effort appears to have been rejected by the lender’s committee, but our guess is NBR will attempt to create alternative paths to ownership."
Shares of Nabors closed at $9.26 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BMO Capital Cuts Price Target on Cooper Cos. (COO) Following 4Q Results
- UBS Cuts Price Target on Restoration Hardware (RH) to $34 Following 3Q
- Jefferies Raises Price Target on Broadcom Ltd. (AVGO) to $210 Following 4Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!