Nabors Industries (NYSE:NBR) Hits New 1-Year High Following Analyst Upgrade

Nabors Industries Ltd. (NYSE:NBR)’s stock price hit a new 52-week high during mid-day trading on Monday after Citigroup raised their price target on the stock from $89.00 to $110.00. Citigroup currently has a neutral rating on the stock. Nabors Industries traded as high as $105.83 and last traded at $100.77, with a volume of 133 shares traded. The stock had previously closed at $100.97.

Several other equities research analysts have also recently issued reports on NBR. Piper Sandler boosted their price target on Nabors Industries from $84.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday. UBS Group set a $70.00 price objective on Nabors Industries in a report on Friday, February 13th. Royal Bank Of Canada upped their target price on Nabors Industries from $91.00 to $120.00 and gave the company a “sector perform” rating in a research report on Thursday. Morgan Stanley reissued an “overweight” rating and set a $100.00 target price (up from $80.00) on shares of Nabors Industries in a report on Wednesday, April 15th. Finally, Susquehanna restated a “neutral” rating and issued a $105.00 price target (up from $85.00) on shares of Nabors Industries in a research report on Thursday. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Nabors Industries presently has a consensus rating of “Hold” and an average target price of $89.38.

Hedge Funds Weigh In On Nabors Industries

Several institutional investors and hedge funds have recently added to or reduced their stakes in NBR. Kestra Advisory Services LLC raised its stake in shares of 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. Vanguard Personalized Indexing Management LLC grew its stake in shares of Nabors Industries by 2.0% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 8,634 shares of the oil and gas company’s stock worth $469,000 after purchasing an additional 173 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Nabors Industries by 23.0% in the third quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company’s stock worth $63,000 after purchasing an additional 289 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in Nabors Industries by 24.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,754 shares of the oil and gas company’s stock valued at $95,000 after purchasing an additional 341 shares during the period. Finally, Nebula Research & Development LLC raised its position in Nabors Industries by 2.5% during the 2nd quarter. Nebula Research & Development LLC now owns 17,697 shares of the oil and gas company’s stock worth $496,000 after purchasing an additional 428 shares during the last quarter. 81.92% of the stock is currently owned by institutional investors and hedge funds.

Nabors Industries Price Performance

The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of 7.93 and a beta of 1.01. The company has a fifty day simple moving average of $82.61 and a 200 day simple moving average of $65.40. The company has a debt-to-equity ratio of 2.22, a quick ratio of 1.47 and a current ratio of 1.97.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings results on Tuesday, April 28th. The oil and gas company reported ($1.54) earnings per share for the quarter, beating the consensus estimate of ($2.49) by $0.95. Nabors Industries had a negative return on equity of 8.66% and a net margin of 7.32%.The company had revenue of $783.55 million during the quarter, compared to analysts’ expectations of $769.33 million. During the same quarter in the prior year, the firm posted $2.18 earnings per share. The business’s quarterly revenue was up 6.4% on a year-over-year basis. Equities research analysts forecast that Nabors Industries Ltd. will post -5.91 EPS for the current fiscal year.

About Nabors Industries

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.