Nabors Industries (NBR) has been upgraded today by the securities research analysts at investment firm Global Hunter Securities which raised Nabors from an “accumulate” rating to “buy.” Global Hunter, however, decreased their performance outlook for NBR and adjusted their price target from $41 to $36 dollars. Global Hunter noted today that they believe the sell-off from last week has created an attractive entry point for long positions.
What Global Hunter said is true, last week NBR gapped south at the beginning of normal market hours and closed for a loss at the end of trading. Tuesday & Wednesday trading was positive, but shares ended up descending even further than what was observed on Monday at the end of Friday’s trading session. Shares of NBR closed trading today for a loss despite the buy rating from Global Hunter.
Nabors Industries is slated to release their next earnings report on July 26th, 2011, and the current consensus EPS estimate is expected to be 28 cents. Their last earnings report was released on April 26th, 2011, and announced EPS of 26 cents with revenue totaling $1.409 billion which was up 68.6% year to year. NBR is currently trading below its 50 & 200-day moving averages and 2011 is currently a down year for the company.
Nabors Industries, Inc. is the largest land drilling contractor in the world and one of the largest land well-servicing and workover contractors in the United States and Canada. The company has market capitalization of $6,554,795,650 and 287,365,000 shares outstanding. NBR has a 52-week high of $32.47 with the low being $15.54 dollars.