Barclays analyst Derek Podhaizer upgraded Nabors Industries to Overweight from Equal Weight with an unchanged price target of $200. Since Q2 of 2022, onshore energy services investors were ready to move on from North America, calling it the peak and declaring "this is as good as it gets," Podhaizer tells investors in a research note. However, as 2022 progressed, earnings expanded, free cash flow increased, and shareholder returns were announced, says the analyst. However, he still believes North America "gets dismissed." As such, he sees a favorable set up for 2023 and expect the sector "to continue to surprise."
Published first on TheFly
