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

Nabors Industries (NYSE:NBR) had its price target raised by equities researchers at Piper Sandler from $130.00 to $145.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the oil and gas company’s stock. Piper Sandler‘s price objective points to a potential upside of 71.53% from the company’s current price.

A number of other analysts have also commented on NBR. Susquehanna reaffirmed a “neutral” rating and set a $91.00 target price (up from $85.00) on shares of Nabors Industries in a report on Monday, October 5th. Barclays set a $93.00 price target on Nabors Industries and gave the stock an “equal weight” rating in a research report on Wednesday, August 5th. Wall Street Zen cut Nabors Industries from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Zacks Research downgraded Nabors Industries from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Finally, Weiss Ratings raised Nabors Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. Two research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $105.57.

Nabors Industries Price Performance

Shares of NBR stock opened at $84.53 on Tuesday. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of -18.18 and a beta of 1.11. Nabors Industries has a 12 month low of $44.04 and a 12 month high of $112.90. The company has a quick ratio of 1.75, a current ratio of 1.77 and a debt-to-equity ratio of 2.04. The stock has a 50-day moving average price of $84.71 and a 200 day moving average price of $84.28.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings results on Tuesday, October 27th. The oil and gas company reported ($1.24) EPS for the quarter, missing the consensus estimate of ($0.14) by ($1.10). Nabors Industries had a negative return on equity of 3.98% and a negative net margin of 1.17%. The business had revenue of $872.19 million for the quarter, compared to analyst estimates of $859.20 million. During the same quarter in the prior year, the firm earned $16.85 EPS. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. Research analysts expect that Nabors Industries will post -3.54 EPS for the current year.

Insider Buying and Selling at Nabors Industries

In related news, Director David Tudor sold 3,200 shares of the firm’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $92.30, for a total transaction of $295,360.00. Following the sale, the director owned 5,264 shares of the company’s stock, valued at approximately $485,867.20. This trade represents a 37.81% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 5.32% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nabors Industries

A number of hedge funds have recently modified their holdings of NBR. Engineers Gate Manager LP grew its position in shares of Nabors Industries by 1,518.1% in the 2nd quarter. Engineers Gate Manager LP now owns 414,599 shares of the oil and gas company’s stock valued at $34,830,000 after purchasing an additional 388,976 shares during the period. Dimensional Fund Advisors LP raised its holdings 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. Bank of America Corp DE raised its holdings in Nabors Industries by 191.8% during the 1st quarter. Bank of America Corp DE now owns 151,922 shares of the oil and gas company’s stock worth $13,074,000 after buying an additional 99,852 shares during the period. Hosking Partners LLP bought a new position in Nabors Industries in the third quarter valued at approximately $2,970,000. Finally, Arlington Capital Management Inc. acquired a new position in shares of Nabors Industries in the second quarter valued at approximately $3,144,000. Institutional investors and hedge funds own 81.92% of the company’s stock.

Nabors Industries Company Profile

Nabors Industries Ltd. is a global provider of drilling and well-construction services to the oil and gas industry. The company operates land-based drilling rigs and offshore drilling units, serving exploration and production companies developing conventional and unconventional oil and natural gas resources.

Its services and products include contract drilling, directional drilling, measurement-while-drilling and logging-while-drilling technologies, wellbore placement, and drilling-related equipment.