Nabors Industries (NYSE:NBR) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Nabors Industries (NYSE:NBR) from a hold rating to a buy rating in a research note issued to investors on Sunday morning.

NBR has been the topic of a number of other reports. Piper Sandler reissued an “underweight” rating and set a $32.00 price target (up from $30.00) on shares of Nabors Industries in a research note on Thursday, August 14th. Barclays reaffirmed an “underweight” rating and set a $45.00 price target (up previously from $36.00) on shares of Nabors Industries in a research note on Tuesday, November 11th. Citigroup restated a “neutral” rating and issued a $58.00 price objective (up from $38.00) on shares of Nabors Industries in a report on Monday, November 3rd. Susquehanna reissued a “neutral” rating and issued a $56.00 price target on shares of Nabors Industries in a research note on Thursday, October 30th. Finally, Morgan Stanley set a $55.00 price objective on Nabors Industries and gave the stock an “overweight” rating in a research note on Friday, October 17th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Nabors Industries has an average rating of “Reduce” and a consensus price target of $48.14.

Nabors Industries Trading Up 1.6%

Shares of Nabors Industries stock opened at $49.37 on Friday. The firm’s 50 day moving average is $43.99 and its 200 day moving average is $36.04. The firm has a market capitalization of $718.92 million, a PE ratio of 5.12 and a beta of 1.54. Nabors Industries has a 1 year low of $23.27 and a 1 year high of $78.97. The company has a current ratio of 2.09, a quick ratio of 1.63 and a debt-to-equity ratio of 2.50.

Nabors Industries (NYSE:NBR) last posted its earnings results on Tuesday, October 28th. The oil and gas company reported ($3.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.37) by ($1.30). Nabors Industries had a negative return on equity of 30.85% and a net margin of 7.08%.The company had revenue of $818.19 million for the quarter, compared to the consensus estimate of $824.61 million. During the same period in the previous year, the firm posted ($6.86) EPS. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. Equities research analysts forecast that Nabors Industries will post -6.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Nabors Industries news, major shareholder Varde Partners Inc sold 312,378 shares of Nabors Industries stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $41.04, for a total value of $12,819,993.12. Following the completion of the sale, the insider directly owned 1,406,052 shares of the company’s stock, valued at approximately $57,704,374.08. The trade was a 18.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.41% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd bought a new stake in shares of Nabors Industries during the first quarter valued at approximately $438,000. Readystate Asset Management LP lifted its stake in shares of Nabors Industries by 78.2% in the first quarter. Readystate Asset Management LP now owns 40,505 shares of the oil and gas company’s stock valued at $1,689,000 after buying an additional 17,780 shares in the last quarter. Federated Hermes Inc. increased its position in shares of Nabors Industries by 23.1% during the first quarter. Federated Hermes Inc. now owns 36,786 shares of the oil and gas company’s stock worth $1,534,000 after acquiring an additional 6,912 shares in the last quarter. Barings LLC acquired a new stake in shares of Nabors Industries in the 1st quarter worth about $8,864,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Nabors Industries by 33.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 150,289 shares of the oil and gas company’s stock valued at $6,269,000 after purchasing an additional 37,648 shares during the last quarter. 81.92% of the stock is owned by institutional investors and hedge funds.

Nabors Industries Company Profile

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.