Brokerages Set Nabors Industries Ltd. (NYSE:NBR) PT at $41.63

Nabors Industries Ltd. (NYSE:NBR) has received a consensus recommendation of “Reduce” from the eight analysts that are covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $41.8750.

A number of research analysts have weighed in on the company. Susquehanna increased their price target on Nabors Industries from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 1st. JPMorgan Chase & Co. reduced their price target on Nabors Industries from $38.00 to $25.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 28th. Barclays reissued an “underweight” rating and set a $28.00 price target (down previously from $53.00) on shares of Nabors Industries in a research note on Monday, May 19th. Citigroup reduced their price target on Nabors Industries from $50.00 to $38.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 13th. Finally, Piper Sandler reissued an “underweight” rating and set a $32.00 price target (up previously from $30.00) on shares of Nabors Industries in a research note on Thursday.

Institutional Trading of Nabors Industries

Several large investors have recently added to or reduced their stakes in NBR. Public Employees Retirement System of Ohio purchased a new stake in shares of Nabors Industries during the fourth quarter worth about $36,000. GAMMA Investing LLC increased its position in shares of Nabors Industries by 520.2% during the first quarter. GAMMA Investing LLC now owns 1,073 shares of the oil and gas company’s stock worth $45,000 after acquiring an additional 900 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Nabors Industries by 3,866.7% during the first quarter. Russell Investments Group Ltd. now owns 1,309 shares of the oil and gas company’s stock worth $55,000 after acquiring an additional 1,276 shares during the last quarter. Ameritas Investment Partners Inc. increased its position in shares of Nabors Industries by 58.5% during the second quarter. Ameritas Investment Partners Inc. now owns 1,444 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 533 shares during the last quarter. Finally, State of Wyoming increased its position in shares of Nabors Industries by 20.5% during the first quarter. State of Wyoming now owns 2,941 shares of the oil and gas company’s stock worth $123,000 after acquiring an additional 500 shares during the last quarter. 81.92% of the stock is currently owned by institutional investors and hedge funds.

Nabors Industries Price Performance

Shares of NYSE:NBR opened at $32.57 on Wednesday. The business’s fifty day moving average price is $32.61 and its two-hundred day moving average price is $35.41. The stock has a market cap of $512.65 million, a PE ratio of -2.32 and a beta of 1.52. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.63 and a current ratio of 1.79. Nabors Industries has a one year low of $23.27 and a one year high of $87.02.

Nabors Industries (NYSE:NBR) last announced its earnings results on Tuesday, July 29th. The oil and gas company reported ($2.71) EPS for the quarter, missing analysts’ consensus estimates of ($2.05) by ($0.66). Nabors Industries had a negative net margin of 3.51% and a negative return on equity of 35.99%. The company had revenue of $832.79 million for the quarter, compared to analyst estimates of $857.98 million. During the same quarter last year, the company posted ($4.29) EPS. Nabors Industries’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, analysts forecast that Nabors Industries will post -6.22 EPS for the current fiscal year.

About Nabors Industries

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. The company operates through four segments: U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running services, including casing and tubing running, and torque monitoring; managed pressure drilling services; and drilling-bit steering systems and rig instrumentation software.