Barclays Downgrades Nabors Industries Stock, Slashes Price Target to $28

Nabors Industries (NBR) has experienced significant stock volatility and multiple price target reductions from analysts amid concerns over its financial performance and sector challenges. Barclays notably downgraded Nabors from "Equal-Weight" to "Underweight," cutting its price target from $53 to $28, citing expected declines in EBITDA, particularly in the Lower 48 U.S. region, and skepticism regarding the financial sustainability of its SANAD joint venture with Saudi Aramco. Despite this, the average analyst price target remains around $46 with a "Hold" consensus rating. Morgan Stanley also reduced its price target from $75 to $50 but maintained an overweight rating, while other firms like Royal Bank of Canada, Susquehanna, and Citigroup issued more cautious outlooks with lower targets and hold ratings. Nabors' recent earnings report revealed a loss per share worse than expected and a negative return on equity, contributing to the mixed analyst sentiment. Overall, the company faces headwinds in its core operations but retains some upside potential according to longer-term fair value estimates.