Nabors Industries (NYSE:NBR) Upgraded by Wall Street Zen to Buy Rating

Wall Street Zen upgraded shares of Nabors Industries (NYSE:NBR) from a hold rating to a buy rating in a report published on Saturday.

Several other brokerages have also issued reports on NBR. Citigroup increased their target price on Nabors Industries from $58.00 to $60.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 6th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Nabors Industries in a report on Monday, December 29th. Morgan Stanley set a $65.00 price objective on Nabors Industries in a research report on Monday, December 15th. Susquehanna set a $64.00 target price on shares of Nabors Industries and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Piper Sandler upgraded shares of Nabors Industries from an “underweight” rating to an “overweight” rating and increased their price target for the stock from $32.00 to $65.00 in a research note on Thursday, December 18th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $56.43.

Nabors Industries Stock Down 2.0%

Shares of NYSE NBR opened at $63.41 on Friday. The firm has a fifty day simple moving average of $52.80 and a two-hundred day simple moving average of $42.63. Nabors Industries has a 12 month low of $23.27 and a 12 month high of $69.20. The company has a current ratio of 2.09, a quick ratio of 1.93 and a debt-to-equity ratio of 2.50. The firm has a market capitalization of $923.24 million, a PE ratio of 6.57 and a beta of 0.94.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Tuesday, October 28th. The oil and gas company reported ($3.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.37) by ($1.30). Nabors Industries had a net margin of 7.08% and a negative return on equity of 30.85%. The company had revenue of $825.51 million for the quarter, compared to analysts’ expectations of $824.61 million. During the same quarter in the prior year, the firm earned ($6.86) EPS. Nabors Industries’s quarterly revenue was up 11.8% compared to the same quarter last year. Equities analysts expect that Nabors Industries will post -6.22 earnings per share for the current year.

Institutional Investors Weigh In On Nabors Industries

Several hedge funds and other institutional investors have recently modified their holdings of NBR. SG Americas Securities LLC grew its holdings in Nabors Industries by 10.8% during the fourth quarter. SG Americas Securities LLC now owns 21,427 shares of the oil and gas company’s stock valued at $1,163,000 after purchasing an additional 2,091 shares during the period. JPMorgan Chase & Co. increased its holdings in Nabors Industries by 77.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 67,313 shares of the oil and gas company’s stock worth $2,751,000 after acquiring an additional 29,408 shares in the last quarter. Coldstream Capital Management Inc. bought a new stake in Nabors Industries during the 3rd quarter worth approximately $479,000. Voleon Capital Management LP purchased a new position in Nabors Industries during the third quarter valued at approximately $270,000. Finally, Verition Fund Management LLC bought a new position in shares of Nabors Industries in the third quarter worth approximately $421,000. 81.92% of the stock is currently owned by hedge funds and other institutional investors.

Nabors Industries Company Profile

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company’s operations span two core segments: drilling and evaluation, which includes land‐based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors’ integrated model combines rig operations with engineered products and field support, positioning it as a full‐service provider in the upstream sector.

The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.