Market Overview

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

Share:
Related NBR
Bernstein Initiates Coverage On 9 Oil Field Service Stocks
Watch These 5 Huge Put Purchases In Wednesday Trade

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
Jan 2017SunTrust Robinson HumphreyInitiates Coverage OnBuy
Jan 2017Credit SuisseUpgradesNeutralOutperform
Dec 2016BernsteinInitiates Coverage OnOutperform

View More Analyst Ratings for NBR
View the Latest Analyst Ratings

Posted-In: Goldman SachsAnalyst Color Reiteration Analyst Ratings

 

Related Articles (NBR)

View Comments and Join the Discussion!