Nabors Industries price target lowered to $120 from $140 at Citi

Citi analyst Scott Gruber lowered the firm’s price target on Nabors Industries to $120 from $140 and keeps a Buy rating on the shares. To reflect “depressed” natural gas prices, the firm trimmed its U.S. rig count forecast in 2024 by 1.5% to 633 rigs with an assumption that Q1 is flat from Q4. There’s risk that gas activity could drive the count lower near term, but producers appear well hedged which may limit their appetite to drop drilling activity below maintenance, the analyst tells investors in a research note. Citi continues to tilt toward the international oilfield service names.