Here's Why Nabors Industries Stock Rocketed Higher Today

Shares of oil drilling contractor Nabors Industries (NYSE: NBR) soared on May 28, gaining 16.4% from the previous day's close. The big jump was the product of a share price target increase by a Wall Street analyst.

An analyst with Citigroup significantly lifted his price target for Nabors today to $35 per share. That's more than double the prior $15.50 target and a surprising move considering how far demand for onshore drilling activity has fallen during the 2020 oil crash. The analyst, Scott Gruber, cited steps to preserve liquidity and cut costs as being key reasons for the price upgrade.

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Source Fool.com