Susquehanna Issues Positive Forecast for Nabors Industries (NYSE:NBR) Stock Price

Nabors Industries (NYSE:NBR) had its target price increased by equities research analysts at Susquehanna from $70.00 to $85.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas company’s stock. Susquehanna’s price target indicates a potential upside of 1.53% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. UBS Group set a $70.00 price objective on Nabors Industries in a report on Friday, February 13th. Piper Sandler reaffirmed an “overweight” rating and set a $80.00 price objective (up from $65.00) on shares of Nabors Industries in a report on Tuesday, February 17th. Citigroup lifted their price objective on Nabors Industries from $85.00 to $89.00 and gave the stock a “neutral” rating in a report on Wednesday, April 1st. Barclays lifted their price objective on Nabors Industries from $50.00 to $65.00 and gave the stock an “underweight” rating in a report on Wednesday, February 25th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $80.00 price objective on shares of Nabors Industries in a report on Wednesday, January 21st. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Nabors Industries has an average rating of “Hold” and a consensus price target of $71.38.

Nabors Industries Price Performance

NBR stock traded up $1.52 during midday trading on Tuesday, hitting $83.72. 35,806 shares of the stock were exchanged, compared to its average volume of 386,470. The stock’s 50-day moving average price is $76.32 and its 200-day moving average price is $59.66. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of 5.06 and a beta of 0.87. Nabors Industries has a fifty-two week low of $23.27 and a fifty-two week high of $92.38. The company has a debt-to-equity ratio of 2.22, a quick ratio of 1.47 and a current ratio of 1.56.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Wednesday, February 11th. The oil and gas company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.93) by $3.10. The firm had revenue of $797.53 million during the quarter, compared to analysts’ expectations of $795.82 million. Nabors Industries had a negative return on equity of 17.63% and a net margin of 8.92%.Nabors Industries’s revenue was up 9.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($6.67) earnings per share. Research analysts predict that Nabors Industries will post -6.22 earnings per share for the current year.

Hedge Funds Weigh In On Nabors Industries

Institutional investors have recently made changes to their positions in the stock. American Century Companies Inc. raised its holdings in shares of Nabors Industries by 10.3% in the third quarter. American Century Companies Inc. now owns 354,901 shares of the oil and gas company’s stock worth $14,505,000 after acquiring an additional 33,101 shares during the last quarter. Allianz Asset Management GmbH acquired a new position in shares of Nabors Industries in the third quarter worth $1,063,000. Cibc World Market Inc. raised its holdings in shares of Nabors Industries by 10.6% in the third quarter. Cibc World Market Inc. now owns 489,507 shares of the oil and gas company’s stock worth $20,006,000 after acquiring an additional 46,802 shares during the last quarter. Highbridge Capital Management LLC raised its holdings in shares of Nabors Industries by 26.9% in the third quarter. Highbridge Capital Management LLC now owns 491,795 shares of the oil and gas company’s stock worth $20,100,000 after acquiring an additional 104,219 shares during the last quarter. Finally, Apollo Management Holdings L.P. raised its holdings in shares of Nabors Industries by 54.2% in the second quarter. Apollo Management Holdings L.P. now owns 650,623 shares of the oil and gas company’s stock worth $18,230,000 after acquiring an additional 228,787 shares during the last quarter. 81.92% of the stock is owned by institutional investors and hedge funds.

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.