Nabors Industries (NYSE:NBR) Trading Down 6.3% – Here’s What Happened

Shares of Nabors Industries Ltd. (NYSE:NBR) dropped 6.3% during trading on Monday . The stock traded as low as $95.00 and last traded at $95.2250. Approximately 183,037 shares changed hands during trading, a decline of 49% from the average daily volume of 358,308 shares. The stock had previously closed at $101.63.

Analysts Set New Price Targets

Several equities research analysts recently commented on NBR shares. Morgan Stanley restated an “overweight” rating and issued a $100.00 price target (up from $80.00) on shares of Nabors Industries in a research report on Wednesday, April 15th. Citigroup upped their price target on shares of Nabors Industries from $89.00 to $110.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Barclays upgraded shares of Nabors Industries from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $65.00 to $99.00 in a research report on Thursday, May 7th. Susquehanna restated a “neutral” rating and issued a $105.00 price target (up from $85.00) on shares of Nabors Industries in a research report on Thursday, April 30th. Finally, Weiss Ratings downgraded shares of Nabors Industries from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, May 4th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Nabors Industries presently has an average rating of “Hold” and a consensus price target of $103.43.

Nabors Industries Price Performance

The company’s 50-day moving average price is $94.31 and its 200-day moving average price is $76.31. The company has a debt-to-equity ratio of 2.22, a current ratio of 1.97 and a quick ratio of 1.82. The company has a market cap of $1.41 billion, a P/E ratio of 7.44 and a beta of 0.96.

Nabors Industries (NYSE:NBR) last announced its earnings results on Tuesday, April 28th. The oil and gas company reported ($1.54) EPS for the quarter, topping the consensus estimate of ($2.49) by $0.95. Nabors Industries had a net margin of 7.32% and a negative return on equity of 8.66%. The business had revenue of $783.55 million during the quarter, compared to analysts’ expectations of $769.33 million. During the same quarter in the prior year, the company posted $2.18 earnings per share. The firm’s revenue was up 6.4% on a year-over-year basis. As a group, sell-side analysts predict that Nabors Industries Ltd. will post -3.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

Several hedge funds have recently bought and sold shares of the company. Adage Capital Partners GP L.L.C. grew its holdings in shares of Nabors Industries by 62.6% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,260,000 shares of the oil and gas company’s stock valued at $68,418,000 after purchasing an additional 485,000 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Nabors Industries by 42.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 447,833 shares of the oil and gas company’s stock worth $38,545,000 after buying an additional 132,747 shares during the period. Two Sigma Investments LP boosted its position in Nabors Industries by 232.2% during the 3rd quarter. Two Sigma Investments LP now owns 185,841 shares of the oil and gas company’s stock worth $7,595,000 after buying an additional 129,904 shares during the period. Marshall Wace LLP boosted its position in Nabors Industries by 446.9% during the 4th quarter. Marshall Wace LLP now owns 132,715 shares of the oil and gas company’s stock worth $7,206,000 after buying an additional 108,447 shares during the period. Finally, Highbridge Capital Management LLC boosted its position in Nabors Industries by 26.9% during the 3rd quarter. Highbridge Capital Management LLC now owns 491,795 shares of the oil and gas company’s stock worth $20,100,000 after buying an additional 104,219 shares during the period. 81.92% of the stock is owned by institutional investors.

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.