Nabors Industries Receives a Buy from Cowen & Co.

By Austin Angelo

In a report released today, Marc Bianchi from Cowen & Co. reiterated a Buy rating on Nabors Industries (NYSE: NBR), with a price target of $10. The company’s shares opened today at $7.60.

According to TipRanks.com, Bianchi is ranked 0 out of 5 stars with an average return of -7.1% and a 37.9% success rate. Bianchi covers the Basic Materials sector, focusing on stocks such as Baker Hughes a GE company, Diamond Offshore Drilling, and Oceaneering International.

Nabors Industries has an analyst consensus of Moderate Buy, with a price target consensus of $9.60.

Based on Nabors Industries’ latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $708 million and GAAP net loss of $114 million. In comparison, last year the company earned revenue of $563 million and had a GAAP net loss of $145 million.

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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.