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Upgrade Alert for Nabors Industries (NBR)

By Amy Schwartz

Nabors Industries (NYSE:NBR) was upgraded from Equalweight to Overweight at Capital One today. The stock closed yesterday at $9.65 on volume of 5.7 million shares, below average daily volume of 9.0 million.

In the past 52 weeks, shares of Nabors Industries have traded between a low of $4.93 and a high of $16.99 and closed yesterday at $9.65, which is 96% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 1.5%.

Potential upside of 32.0% exists for Nabors Industries, based on a current level of $9.65 and analysts' average consensus price target of $12.74. The stock should discover initial support at its 200-day moving average (MA) of $9.28 and subsequent support at its 50-day MA of $9.03.

Nabors Industries Ltd, is a land drilling contractor, and also performs well servicing and workovers. The Company conducts oil, gas, and geothermal land drilling operations. Nabors' well-site services include oilfield management, well logging, and other support services.

SmarTrend recommended that subscribers consider buying shares of Nabors Industries on May 31st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.33. Since that recommendation, shares of Nabors Industries have risen 3.0%. We continue to monitor NBR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Nabors Industries

Ticker(s): NBR