Nabors Industries price target lowered to $110 from $120 at Barclays

Barclays analyst Derek Podhaizer lowered the firm’s price target on Nabors Industries to $110 from $120 and keeps an Equal Weight rating on the shares. The sentiment towards North America onshore energy services has quickly turned bearish over the past few weeks, primarily driven by a combination of increasing production efficiencies and the natural gas story being pushed to 2025, creating an uninspiring commodity price backdrop, the analyst tells investors in a research note. As a result, the group lacks catalysts and uncertainty around activity mounts, says Barclays.