Nabors Industries (NYSE:NBR) Downgraded by Wall Street Zen to “Hold”

Wall Street Zen lowered shares of Nabors Industries (NYSE:NBR) from a buy rating to a hold rating in a research note issued to investors on Monday.

Other equities analysts also recently issued research reports about the company. Morgan Stanley set a $65.00 price target on Nabors Industries in a research report on Monday, December 15th. Susquehanna reiterated a “neutral” rating and set a $56.00 target price on shares of Nabors Industries in a research report on Thursday, October 30th. Barclays set a $50.00 price target on shares of Nabors Industries and gave the company a “neutral” rating in a research note on Wednesday, December 17th. Piper Sandler upgraded shares of Nabors Industries from an “underweight” rating to an “overweight” rating and upped their price objective for the stock from $32.00 to $65.00 in a research report on Thursday. Finally, Royal Bank Of Canada set a $66.00 target price on shares of Nabors Industries and gave the company a “sector perform” rating in a research report on Thursday, October 30th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $55.00.

Nabors Industries Price Performance

NYSE:NBR opened at $51.97 on Monday. The firm’s fifty day moving average is $49.41 and its two-hundred day moving average is $40.39. The firm has a market cap of $756.70 million, a price-to-earnings ratio of 5.39 and a beta of 0.97. The company has a debt-to-equity ratio of 2.50, a quick ratio of 1.93 and a current ratio of 2.09. Nabors Industries has a one year low of $23.27 and a one year high of $69.20.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Tuesday, October 28th. The oil and gas company reported ($3.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.37) by ($1.30). The company had revenue of $825.51 million for the quarter, compared to analysts’ expectations of $824.61 million. Nabors Industries had a net margin of 7.08% and a negative return on equity of 30.85%. The business’s quarterly revenue was up 11.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($6.86) EPS. Research analysts expect that Nabors Industries will post -6.22 EPS for the current year.

Hedge Funds Weigh In On Nabors Industries

Institutional investors have recently bought and sold shares of the company. Coldstream Capital Management Inc. purchased a new stake in shares of Nabors Industries during the 3rd quarter valued at approximately $479,000. Voleon Capital Management LP acquired a new stake in Nabors Industries during the third quarter worth $270,000. Verition Fund Management LLC acquired a new stake in Nabors Industries during the third quarter worth $421,000. Susquehanna Advisors Group Inc. raised its position in Nabors Industries by 3.4% in the third quarter. Susquehanna Advisors Group Inc. now owns 102,136 shares of the oil and gas company’s stock valued at $4,174,000 after purchasing an additional 3,383 shares during the period. Finally, Public Employees Retirement System of Ohio lifted its stake in shares of Nabors Industries by 23.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company’s stock valued at $63,000 after purchasing an additional 289 shares during the last quarter. 81.92% of the stock is owned by hedge funds and other institutional investors.

Nabors Industries Company Profile

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company’s operations span two core segments: drilling and evaluation, which includes land‐based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors’ integrated model combines rig operations with engineered products and field support, positioning it as a full‐service provider in the upstream sector.

The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.