Citigroup Thinks Nabors Industries’ Stock is Going to Recover

By Carrie Williams

In a report released today, Scott Gruber from Citigroup maintained a Buy rating on Nabors Industries (NYSE: NBR), with a price target of $8. The company’s shares opened today at $7.03, close to its 52-week low of $6.18.

According to TipRanks.com, Gruber is a 3-star analyst with an average return of 3.9% and a 49.4% success rate. Gruber covers the Basic Materials sector, focusing on stocks such as Ncs Multistage Holdings Inc, Baker Hughes a GE company, and Diamond Offshore Drilling.

Nabors Industries has an analyst consensus of Moderate Buy, with a price target consensus of $9.45.

The company has a one year high of $18.40 and a one year low of $6.18. Currently, Nabors Industries has an average volume of 8.13M.

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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.