Nabors Industries upgraded to Overweight from Equal Weight at Stephens Stephens upgraded Nabors (NBR) to Overweight following the agreement to merge its Completion Services and Production Services businesses with C&J Energy (CJES). The firm expects the deal to be accretive to margins and accelerate investment into the core drilling businesses and drive the multiple higher. Price target raised to $33 from $27.
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Nabors Industries optimistic about the growth prospects for venture Company concluded, "It is becoming increasingly apparent that virtually every element of our business is experiencing improving fundamentals manifested through improving utilization and pricing. Construction of the numerous new rigs we have in progress remains on track and within budget. The contribution of these deployments combined with a favorable pricing environment across every market and the incremental demand for new rigs globally yield a high degree of growth visibility for the foreseeable future. We are particularly optimistic about the growth prospects for our venture with C&J in the Completion & Production Services business."