Simmons Raises Price Target on Nabors Industries (NBR) Following 2Q
Get Alerts NBR Hot Sheet
Rating Summary:
11 Buy, 17 Hold, 10 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 5 | Down: 3 | New: 5
Join SI Premium – FREE
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."
For an analyst ratings summary and ratings history on Nabors click here. For more ratings news on Nabors click here.
Shares of Nabors closed at $9.26 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jefferies Downgrades ULTA Salon (ULTA) to Hold, 'Competition Intensifying & Prestige Refresh Needed'
- ABB LTD (ABBN:SW) (ABB) PT Raised to CHF45 at RBC Capital
- Infosys Ltd. (INFO:IN) (INFY) PT Lowered to INR1,680 at HSBC
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst PT ChangeRelated Entities
Definitive AgreementSign 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!