Nabors Industries breaks out following earnings, levels to watch The shares are up over 10.4% to $20.60 at time of writing. This move above $20 following earnings breaks the top of a trading range that had been in place for more than a year. Typically a break above long-held resistance leads to a sustained move higher over time. At current price, next resistance is at $21.10. Support is at $20.03.
Nabors Industries downgraded to Underperform from Outperform at CLSA CLSA downgraded Nabors Industries to Underperform from Outperform despite raising its price target to $16 from $13. CLSA's analyst believes the advancement of unconventional drilling has been one of the most disruptive technologies in the sectors' history and will derail cycle normalization near-term. The firm believes the industry will need half as many rigs to keep production flat until attrition right-sizes the industry.