UPDATE: Goldman Sachs Maintains Nabors Industries at Conviction Buy Post Dividend Initiation
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
|Sep 2016||Capital One Financial||Upgrades||Equal-weight||Overweight|
|Sep 2016||DA Davidson||Initiates Coverage on||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.