When oilfield services company Nabors Industries Ltd. (NYSE: NBR) reported fourth-quarter earnings late last Tuesday, the shares got a nice bump on Wednesday, rising more than 13% when the company reported a smaller than expected loss of $0.22 per share. The cutback in rig counts onshore in the United States played a big role in the loss.

Another drag on pricing is that producers are avoiding contract pricing in favor of spot pricing for rigs. In a low-price environment, that makes sense for the producers, but it takes some serious adjustment on the part of rig owners like Nabors. The company expects low-pricing and low demand to continue at least through the second quarter and expects the trend to spot pricing to continue.

Analysts uniformly cut their price targets on the stock, but most maintained the equivalent of a Buy rating. Here are the recent changes:

• Citigroup cut its price target from $11 to $10.
• Cowen maintained an Outperform rating but cut its price target from $13.50 to $8.75.
• Credit Suisse cut its price target from $12 to $10.
• JPMorgan lowered its target price from $11 to $10 and rates the stock Overweight.
• KLR Group cut its price target to $11 from $13 and has a Buy rating on the stock.
• SunTrust Robinson reduced its price target from $10 to $9 and rates the stock a Buy.
• Susquehanna cut its price target from $13 to $11 with a Positive rating.
• UBS lowered its price target from $11 to $10 and rates the stock a Buy.

Nabors stock closed at $6.88 on Friday, down 1.4% for the day, in a 52-week range of $4.93 to $16.99. The consensus price target on the stock is $10.36, but that may not yet include all recent changes.

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