Nabors Industries (NYSE:NBR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday, Zacks.com reports. The brokerage presently has a $3.00 price target on the oil and gas company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 23.97% from the stock’s previous close.

According to Zacks, “One of the leading drilling contractors in North America, Nabors is exposed to tepid oilfield service activities in North America with upstream energy companies choosing to remain conservative with their investment budgets. But the firm’s initiatives to expand its geographic reach and diversify its operating assets beyond land rigs bode well for its Rig Technologies and Drilling Solutions segments. Nabors' JV with Saudi Aramco also brightens its prospects. However, its debt-to-capital ratio of 60% restricts its financial flexibility. Further, the company is witnessing lower margins and tough operating environment in International markets which are expected to prevail in the near-term as well. Investors also need to factor the increasing costs of the company. As such, Nabors warrants a cautious stance from the investors at the moment.”

A number of other equities research analysts also recently weighed in on the stock. Royal Bank of Canada downgraded shares of Nabors Industries from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $9.00 to $3.50 in a research report on Wednesday, September 25th. Credit Suisse Group downgraded shares of Nabors Industries from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $3.25 to $2.00 in a research report on Tuesday, December 3rd. Morgan Stanley lowered their price objective on shares of Nabors Industries from $5.00 to $3.00 and set an “overweight” rating for the company in a research report on Monday, October 7th. Wells Fargo & Co downgraded shares of Nabors Industries from an “outperform” rating to an “underperform” rating and set a $2.00 price objective for the company. in a research report on Thursday, September 12th. Finally, Bank of America downgraded shares of Nabors Industries from a “buy” rating to a “neutral” rating in a research report on Wednesday, August 28th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $2.94.

Shares of Nabors Industries stock opened at $2.42 on Tuesday. The firm has a market cap of $912.18 million, a PE ratio of -1.92 and a beta of 2.79. The firm’s 50-day simple moving average is $2.02 and its 200-day simple moving average is $2.16. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.75 and a current ratio of 2.02. Nabors Industries has a 1 year low of $1.50 and a 1 year high of $4.08.

Nabors Industries (NYSE:NBR) last issued its earnings results on Tuesday, October 29th. The oil and gas company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.09). Nabors Industries had a negative net margin of 20.02% and a negative return on equity of 16.80%. The company had revenue of $758.08 million during the quarter, compared to analyst estimates of $777.69 million. During the same quarter last year, the company posted ($0.29) EPS. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. On average, equities analysts predict that Nabors Industries will post -1.34 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of NBR. BlackRock Inc. grew its position in Nabors Industries by 21.5% in the 2nd quarter. BlackRock Inc. now owns 51,225,062 shares of the oil and gas company’s stock worth $148,552,000 after purchasing an additional 9,051,668 shares during the last quarter. AQR Capital Management LLC grew its position in Nabors Industries by 3,556.2% in the 2nd quarter. AQR Capital Management LLC now owns 5,356,847 shares of the oil and gas company’s stock worth $14,356,000 after purchasing an additional 5,210,331 shares during the last quarter. Renaissance Technologies LLC grew its position in Nabors Industries by 16,795.8% in the 2nd quarter. Renaissance Technologies LLC now owns 4,798,418 shares of the oil and gas company’s stock worth $13,915,000 after purchasing an additional 4,770,018 shares during the last quarter. Cooperman Leon G grew its position in Nabors Industries by 36.5% in the 2nd quarter. Cooperman Leon G now owns 12,950,000 shares of the oil and gas company’s stock worth $37,555,000 after purchasing an additional 3,465,702 shares during the last quarter. Finally, Nuveen Asset Management LLC bought a new position in Nabors Industries in the 2nd quarter worth about $7,393,000. Hedge funds and other institutional investors own 78.36% of the company’s stock.

Nabors Industries Company Profile

Nabors Industries Ltd. provides drilling and drilling-related services and technologies for land-based and offshore oil and natural gas wells. It operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.

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