Nabors Industries (NYSE:NBR) Stock Price Breaks Above 50-Day Moving Average – Should You Sell?

Nabors Industries Ltd. (NYSE:NBR) passed above its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of $82.52 and traded as high as $83.56. Nabors Industries shares last traded at $83.2350, with a volume of 234,277 shares trading hands.

Analyst Ratings Changes

Several analysts have recently issued reports on NBR shares. Zacks Research lowered shares of Nabors Industries from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Piper Sandler upped their price objective on Nabors Industries from $130.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, November 3rd. Morgan Stanley set a $110.00 target price on Nabors Industries in a research report on Thursday, August 20th. Susquehanna reissued a “neutral” rating and issued a $91.00 price target (up from $85.00) on shares of Nabors Industries in a report on Monday, October 5th. Finally, Weiss Ratings lowered shares of Nabors Industries from a “hold (c)” rating to a “sell (d+)” rating in a research report on Monday. 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 company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $103.00.

Nabors Industries Price Performance

The business’s fifty day moving average price is $82.52 and its 200-day moving average price is $84.82. The company has a market capitalization of $1.26 billion, a P/E ratio of -17.90 and a beta of 1.09. The company has a current ratio of 1.77, a quick ratio of 1.64 and a debt-to-equity ratio of 2.04.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($1.10). The firm had revenue of $872.19 million during the quarter, compared to analysts’ expectations of $859.20 million. Nabors Industries had a negative return on equity of 3.98% and a negative net margin of 1.17%. Nabors Industries’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $16.85 earnings per share. As a group, sell-side analysts predict that Nabors Industries Ltd. will post -3.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director David Tudor sold 3,200 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were 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 $485,867.20. The trade was a 37.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 5.32% of the stock is currently owned by insiders.

Institutional Trading of Nabors Industries

Several institutional investors have recently added to or reduced their stakes in the business. Knights of Columbus Asset Advisors LLC grew its position in Nabors Industries by 0.5% in the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 28,678 shares of the oil and gas company’s stock worth $2,240,000 after purchasing an additional 137 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Nabors Industries by 29.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 622 shares of the oil and gas company’s stock worth $54,000 after buying an additional 141 shares during the last quarter. Allworth Financial LP grew its holdings in shares of Nabors Industries by 16.9% in the second quarter. Allworth Financial LP now owns 1,134 shares of the oil and gas company’s stock worth $95,000 after acquiring an additional 164 shares during the period. Kestra Advisory Services LLC increased its position in Nabors Industries by 0.7% during the first quarter. Kestra Advisory Services LLC now owns 24,937 shares of the oil and gas company’s stock valued at $2,146,000 after acquiring an additional 168 shares during the last quarter. Finally, IFP Advisors Inc lifted its holdings in Nabors Industries by 106.6% in the second quarter. IFP Advisors Inc now owns 436 shares of the oil and gas company’s stock valued at $37,000 after acquiring an additional 225 shares during the period. 81.92% of the stock is currently owned by hedge funds and other institutional investors.

About Nabors Industries

Nabors Industries is an international drilling contractor that provides services and technology to the oil and natural gas industry. Its operations include land-based drilling rigs and offshore platform rigs, which it supplies to exploration and production companies. The company also offers services and technologies used to plan and carry out drilling operations. These include directional drilling, measurement-while-drilling systems, wellbore placement services, and software and automation tools designed to support drilling performance.