Nabors Industries price target raised to $70 from $66 at RBC Capital

RBC Capital raised the firm’s price target on Nabors Industries (NBR) to $70 from $66 and keeps a Sector Perform rating on the shares as part of a broader research note previewing Q4 for Oil & Gas Services. RBC’s covered stocks have increased 23% since November, and it could be challenging for results and fundamental outlooks to live up to recent sentiment, though with that said, RBC generally sees stable earnings trajectories and finds valuations mostly attractive. In North America, RBC expects steady rig activity through 2026 and into 2027, and internationally, RBC has increased its expectations for the Middle East and Latin America activity slightly, reflecting slight uptick in activity, the analyst tells investors in a research note. The potential re-opening of the Venezuela oil market to oilfield service firms has also partly fueled the rally in international service firms, RBC states.