RBC Capital Keeps a Buy Rating on Nabors Industries

By Ryan Adsit

In a report released yesterday, Kurt Hallead from RBC Capital reiterated a Buy rating on Nabors Industries (NYSE: NBR), with a price target of $20. The company’s shares closed yesterday at $10.52.

According to TipRanks.com, Hallead is a 5-star analyst with an average return of 11.1% and a 53.2% success rate. Hallead covers the Basic Materials sector, focusing on stocks such as Independence Contract Drilling, Energy Transfer Partners LP, and Diamond Offshore Drilling.

Currently, the analyst consensus on Nabors Industries is Strong Buy and the average price target is $16.78, representing a 59.5% upside.

In a report issued on May 9, Citigroup also assigned a Buy rating to the stock with a $13 price target.

The company has a one year high of $18.40 and a one year low of $7.84. Currently, Nabors Industries has an average volume of 7.61M.

Based on the recent corporate insider activity of 20 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of NBR in relation to earlier this year. Earlier this month, William Restrepo, the CFO of NBR bought 22,000 shares for a total of $207,460.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Nabors Industries Ltd. owns and operates land-based drilling rig fleet and is a provider of offshore platform work over and drilling rigs in the U.S. and multiple international markets. It provider of services for land-based and offshore oil and natural gas wells, Its fleet of rigs and drilling-related equipment. The company also provide drilling technology and equipment and comprehensive well-site services including engineering, transportation and disposal, construction, maintenance, well logging, directional drilling, rig instrumentation, data collection and other support services in many of the most significant oil and gas markets in the world. It manufactures and leases or sells drives and other rig equipment. The company was founded on January 1, 1987 and is headquartered in Hamilton, Bermuda.