Citi lowers Nabors Industries target, opens ‘negative catalyst watch’

Citi analyst Scott Gruber lowered the firm’s price target on Nabors Industries to $91 from $95 and keeps a Buy rating on the shares. The analyst also opened a “30-day negative catalyst watch” on the shares. U.S. land activity was lower at the exit of Q2 than initially anticipated, the analyst tells investors in a research note. The firm thinks Nabors will provide commentary on the implications of this weak exit on the upcoming earnings call.