Nabors Industries (NBR) Gets a Buy Rating from Barclays

By Jason Carr

Barclays analyst David Anderson maintained a Buy rating on Nabors Industries (NBRResearch Report) on November 1 and set a price target of $3.00. The company’s shares closed last Monday at $1.94, close to its 52-week low of $1.50.

According to TipRanks.com, Anderson is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -5.7% and a 36.7% success rate. Anderson covers the Basic Materials sector, focusing on stocks such as Ranger Energy Services Inc, Covia Holdings Corporation, and Diamond Offshore Drilling.

Nabors Industries has an analyst consensus of Hold, with a price target consensus of $2.58.

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Based on Nabors Industries’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $209 million. In comparison, last year the company had a GAAP net loss of $101 million.

Based on the recent corporate insider activity of 18 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.

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Nabors Industries Ltd. engages in the provision of platform work over and drilling rigs. It operates through the following segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies.