Nabors Industries (NYSE:NBR) Price Target Cut to $53.00 by Analysts at Barclays

Nabors Industries (NYSE:NBR) had its price target cut by Barclays from $90.00 to $53.00 in a research note published on Wednesday,Benzinga reports. They currently have an equal weight rating on the oil and gas company’s stock.

Several other brokerages have also commented on NBR. Evercore ISI decreased their price target on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating on the stock in a research note on Thursday, October 24th. Citigroup upped their price target on Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Finally, Susquehanna decreased their price target on Nabors Industries from $79.00 to $77.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Six equities research analysts have rated the stock with a hold rating, According to MarketBeat, Nabors Industries presently has an average rating of “Hold” and a consensus price target of $79.40.

Nabors Industries Stock Performance

NYSE NBR opened at $44.39 on Wednesday. The stock’s fifty day moving average is $58.27 and its two-hundred day moving average is $68.59. The firm has a market capitalization of $426.11 million, a P/E ratio of -1.99 and a beta of 2.02. The company has a debt-to-equity ratio of 5.95, a quick ratio of 1.52 and a current ratio of 1.75. Nabors Industries has a fifty-two week low of $44.00 and a fifty-two week high of $105.96.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Wednesday, February 12th. The oil and gas company reported ($6.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.86) by ($4.81). Nabors Industries had a negative return on equity of 32.96% and a negative net margin of 5.93%. On average, research analysts anticipate that Nabors Industries will post -3.91 earnings per share for the current year.

Hedge Funds Weigh In On Nabors Industries

Hedge funds have recently bought and sold shares of the company. Barclays PLC lifted its stake in Nabors Industries by 60.8% during the 3rd quarter. Barclays PLC now owns 112,318 shares of the oil and gas company’s stock worth $7,241,000 after acquiring an additional 42,483 shares in the last quarter. Centiva Capital LP acquired a new position in Nabors Industries during the 3rd quarter worth about $531,000. Entropy Technologies LP acquired a new position in Nabors Industries during the 3rd quarter worth about $600,000. Van ECK Associates Corp lifted its stake in Nabors Industries by 41.0% during the 4th quarter. Van ECK Associates Corp now owns 202,552 shares of the oil and gas company’s stock worth $11,580,000 after acquiring an additional 58,946 shares in the last quarter. Finally, Intech Investment Management LLC lifted its stake in Nabors Industries by 6.4% during the 3rd quarter. Intech Investment Management LLC now owns 5,372 shares of the oil and gas company’s stock worth $346,000 after acquiring an additional 322 shares in the last quarter. Institutional investors and hedge funds own 81.92% of the company’s stock.

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.