Oil & Gas - Energy - Commodities - Resources (OILBRENT)

[Timothy Smith]

$NBR - Concerns around Nabors Industries' (NBR -2.6%) balance sheet are overblown, Citi analyst Scott Gruber says, noting the company closed the year with $250M in cash and an undrawn $2.25B revolver.

NBR can "easily fund" the $350M maturity in Q3 with current liquidity and then has until 2018 to finalize financing options on the next maturity, the analyst says, as he keeps his Buy rating on the shares while lowering his price target to $10 from $11.

Earlier: Nabors beats by $0.03, beats on revenue (Feb. 16)