Simmons Raises Price Target on Nabors Industries (NBR) Following 2Q
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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.
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