Nabors (NBR) PT Lowered to $38 at Citi

Citi analyst Scott Gruber lowered the price target on Nabors (NYSE: NBR) to $38.00 (from $50.00) while maintaining a Neutral rating.

The analyst comments "NBR Update: We update our NBR model, incorporating the Parker acquisition into our official forecast, and we now forecast 2q EBITDA at $251mm, in-line with FactSet consensus estimates. We forecast FY25 EBITDA at $952mm, 4% below consensus, which reflects 60 active L48 rigs at an average daily margin of $13.3kpd, exiting the year at $12kpd. We also forecast 87 active international rigs at an average daily margin of $17.8kpd. Our FY26 EBITDA forecast now sits at $1.03bn, below consensus at $1.08bn, which reflects 62 active L48 rigs at an $11.9kpd average daily margin. We lower our target price to $38, which utilizes a ~4x 2025E EV/EBITDA multiple. The lowered multiple reflects negative revision risk given lower crude prices."

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