Nabors Industries Gets a Buy Rating from Cowen & Co.

By Carrie Williams

Cowen & Co. analyst Marc Bianchi reiterated a Buy rating on Nabors Industries (NYSE: NBR) yesterday and set a price target of $9. The company’s shares closed yesterday at $8.02.

According to, Bianchi is ranked 0 out of 5 stars with an average return of -5.2% and a 40.5% success rate. Bianchi covers the Basic Materials sector, focusing on stocks such as Independence Contract Drilling, Baker Hughes a GE company, and Diamond Offshore Drilling.

Currently, the analyst consensus on Nabors Industries is Strong Buy and the average price target is $8, representing a -0.2% downside.

In a report issued on January 5, Susquehanna also reiterated a Buy rating on the stock with a $9 price target.

Based on Nabors Industries’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $662 million and GAAP net loss of $149 million. In comparison, last year the company earned revenue of $539 million and had a GAAP net loss of $328 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.