Barclays and RBC Capital have raised their price targets for Nabors Industries following the company's strong first-quarter EBITDA and free cash flow performance. Barclays analyst Eddie Kim upgraded Nabors to Equal Weight from Underweight and lifted the price objective to $99 from $65, citing the energy services sector's best position in 20 years. RBC Capital analyst Keith Mackey increased his price target to $120 from $91 and maintained a Sector Perform rating after Nabors reported revenue of $784 million and a narrower-than-expected loss per share of $1.54, beating the consensus estimate of a $2.44 loss by about 37%. The results reflected robust EBITDA generation amid Middle East disruption and improved free cash flow, with the full-year outlook gradually strengthening.
Nabors Industries Ltd.Barclays and RBC raised price targets after strong Q1 EBITDA and FCF beat consensus estimates.