Why Nabors Industries Stock Rose as Much as 5.4% Today

Starting the first full week of trading in October on a bullish note, Nabors Industries(NYSE:NBR) stock is climbing after an analyst revisited his price target for the oil-and-gas drilling contractor.

As of 3:00 p.m. ET, shares of the oilfield services stock are up 5%.

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This analyst suspects 2027 will be positive for Nabors

Maintaining a neutral rating, Charles Minervino, a Susquehanna analyst, hiked the price target on Nabors to $91 from $85. Based on Nabors' closing share price of $79.64 on Friday, the $91 price target implies 14.3% upside.

According to Thefly.com , Minervino based his price target on the belief that exploration and production spending will be strong in 2027, paving the way for oilfield services companies like Nabors to prosper.

Is it too late to click the buy button on Nabors stock?

While Minervino sees upside to Nabors stock right now, investors shouldn't interpret his increasingly bullish perspective as a clear indicator that Nabors stock is a buy. It's important to remember that Minervino's opinion is just one of many.

When evaluating the stock's price tag, investors interested in the oil patch will find that Nabors shares are priced at a steep 53.8 times forward earnings. At this point, those motivated to identify compelling energy stocks will want to drill down further in doing their due diligence to see if the stock aligns with their investing goals.

Should you buy stock in Nabors Industries right now?

Before you buy stock in Nabors Industries, consider this:

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