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

Goldman Sachs reiterated Nabors Industries

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.