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Fly News Breaks for September 25, 2019
NBR
Sep 25, 2019 | 06:32 EDT
As previously reported, RBC Capital analyst Kurt Hallead downgraded Nabors Industries to Sector Perform from Outperform and lowered his price target for the shares to $3.50 from $9. The analyst attributes the downgrade to his expected 9% decline in U.S. land rig forecast in 2020, adding that the company's reduced free cash flow generation and higher relative debt load could also trip the debt-to-capital covenant on its revolver.
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