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UPDATE: Goldman Sachs Maintains Nabors Industries at Conviction Buy Post Dividend Initiation

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Goldman Sachs reiterated Nabors Industries (NYSE: NBR) at Conviction Buy with a $23.00 price target.

Goldman Sachs noted, "We reiterate our CL Buy as the initiation of a dividend reflects a change in management's mindset/strategy regarding returning cash to shareholders. We believe its focus on delivering the “social contract” to shareholders will be rewarded via stock price appreciation, and is a more desirable use of cash than what has more recently been inefficient capex spending. While delivering real value, the move is also symbolic of management followthrough on its goal to consider various options to unlock value."

Nabors Industries closed at $16.32 on Wednesday.

Latest Ratings for NBR

DateFirmActionFromTo
Jul 2015CitigroupInitiates Coverage onNeutral
May 2015JP MorganInitiates Coverage onOverweight
May 2015CLSADowngradesOutperformUnderperform

View More Analyst Ratings for NBR
View the Latest Analyst Ratings

Posted-In: Goldman SachsAnalyst Color Reiteration Analyst Ratings

 

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