Nabors Industries (NYSE:NBR) Shares Gap Down – Here’s Why

Nabors Industries Ltd. (NYSE:NBR)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $70.88, but opened at $66.50. Nabors Industries shares last traded at $66.95, with a volume of 103,895 shares.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Piper Sandler upgraded Nabors Industries from an “underweight” rating to an “overweight” rating and raised their price target for the stock from $32.00 to $65.00 in a research report on Thursday, December 18th. Citigroup increased their price objective on shares of Nabors Industries from $58.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 6th. Wall Street Zen upgraded shares of Nabors Industries from a “hold” rating to a “buy” rating in a research report on Saturday, January 10th. Susquehanna set a $64.00 price target on shares of Nabors Industries and gave the stock a “neutral” rating in a research report on Wednesday, January 7th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Nabors Industries in a research report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $59.14.

Nabors Industries Stock Performance

The firm has a market cap of $928.72 million, a P/E ratio of 6.61 and a beta of 0.99. The company has a debt-to-equity ratio of 2.50, a quick ratio of 1.93 and a current ratio of 2.09. The company’s 50 day moving average is $60.15 and its 200 day moving average is $48.15.

Nabors Industries (NYSE:NBR) last posted its earnings results on Wednesday, February 11th. The oil and gas company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of ($2.93) by $3.10. Nabors Industries had a net margin of 7.08% and a negative return on equity of 30.85%. The firm had revenue of $797.53 million for the quarter, compared to analysts’ expectations of $795.82 million. During the same quarter in the previous year, the firm posted ($6.67) earnings per share. The company’s revenue was up 9.0% on a year-over-year basis. As a group, equities analysts predict that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

Institutional Trading of Nabors Industries

A number of hedge funds have recently made changes to their positions in the company. MQS Management LLC bought a new position in Nabors Industries during the 2nd quarter worth $262,000. Monaco Asset Management SAM acquired a new stake in shares of Nabors Industries in the second quarter valued at about $210,000. Vanguard Personalized Indexing Management LLC bought a new position in shares of Nabors Industries during the second quarter worth about $203,000. American Century Companies Inc. lifted its stake in shares of Nabors Industries by 7.6% in the second quarter. American Century Companies Inc. now owns 321,800 shares of the oil and gas company’s stock worth $9,017,000 after acquiring an additional 22,594 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Nabors Industries by 59.5% in the second quarter. Geode Capital Management LLC now owns 338,566 shares of the oil and gas company’s stock worth $9,488,000 after acquiring an additional 126,243 shares during the period. 81.92% of the stock is owned by institutional investors and hedge funds.

About Nabors Industries

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.