Barclays and RBC Raise Their Price Targets for Nabors (NBR) Following Strong EBITDA and Free Cash Flow Performance

Nabors Industries Ltd. (NYSE:NBR) ranks among the best oil and gas drilling stocks to buy now. On May 7, Barclays analyst Eddie Kim raised Nabors Industries Ltd. (NYSE:NBR) to Equal Weight from Underweight, with a price objective of $99, up from $65. The firm increased its ratings and price objectives for the energy services market, stating that the sector is in its best position in 20 years.

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Moreover, in late April, RBC Capital analyst Keith Mackey had also boosted his price objective for Nabors Industries Ltd. to $120 from $91 and maintained a Sector Perform rating on the shares after Nabors’ Q1 results. The company reported revenue of $784 million and an earnings per share loss of $1.54, exceeding analyst projections of a $2.44 loss by approximately 37%.

The company’s Q1 results showed strong EBITDA production in the midst of Middle East disruption, along with improved free cash flow outcomes, with the outlook for the rest of the year having gradually improved.

Nabors Industries Ltd. is a provider of offshore platform rigs. It also offers performance tools, directional drilling services, tubular running services, and technology for both its own rig fleet and those managed by third parties.

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