Nabors Industries (NYSE:NBR) Trading 6.3% Higher – Time to Buy?

Nabors Industries Ltd. (NYSE:NBR)’s stock price rose 6.3% on Monday . The company traded as high as $111.28 and last traded at $111.9120. Approximately 78,184 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 371,326 shares. The stock had previously closed at $105.27.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Citigroup lifted their target price on Nabors Industries from $89.00 to $110.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. UBS Group set a $70.00 price target on Nabors Industries in a report on Friday, February 13th. Piper Sandler raised their price objective on Nabors Industries from $84.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Weiss Ratings downgraded Nabors Industries from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 4th. Finally, Barclays raised Nabors Industries from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $65.00 to $99.00 in a research report on Thursday, May 7th. Two equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $93.63.

Nabors Industries Trading Up 5.5%

The stock has a market cap of $1.64 billion, a P/E ratio of 8.70 and a beta of 1.01. The firm’s 50 day simple moving average is $86.82 and its two-hundred day simple moving average is $69.11. The company has a quick ratio of 1.82, a current ratio of 1.97 and a debt-to-equity ratio of 2.22.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Tuesday, April 28th. The oil and gas company reported ($1.54) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.49) by $0.95. Nabors Industries had a net margin of 7.32% and a negative return on equity of 8.66%. The company had revenue of $783.55 million for the quarter, compared to the consensus estimate of $769.33 million. During the same period last year, the firm posted $2.18 EPS. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, equities research analysts predict that Nabors Industries Ltd. will post -3.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

A number of hedge funds and other institutional investors have recently bought and sold shares of NBR. American Century Companies Inc. raised its position in shares of Nabors Industries by 10.3% during the 3rd quarter. American Century Companies Inc. now owns 354,901 shares of the oil and gas company’s stock worth $14,505,000 after purchasing an additional 33,101 shares during the period. Allianz Asset Management GmbH acquired a new position in Nabors Industries during the 3rd quarter valued at approximately $1,063,000. Highbridge Capital Management LLC boosted its position in Nabors Industries by 26.9% during the 3rd quarter. Highbridge Capital Management LLC now owns 491,795 shares of the oil and gas company’s stock valued at $20,100,000 after purchasing an additional 104,219 shares during the period. Cibc World Market Inc. grew its stake in Nabors Industries by 10.6% during the 3rd quarter. Cibc World Market Inc. now owns 489,507 shares of the oil and gas company’s stock worth $20,006,000 after buying an additional 46,802 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Nabors Industries by 77.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 67,313 shares of the oil and gas company’s stock worth $2,751,000 after buying an additional 29,408 shares during the last quarter. 81.92% of the stock is currently owned by institutional investors and hedge funds.

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.