Nabors Industries (NYSE:NBR) Stock Price Up 7.4% – Here’s What Happened

Shares of Nabors Industries Ltd. (NYSE:NBR) rose 7.4% during trading on Wednesday . The company traded as high as $103.23 and last traded at $103.5560. Approximately 107,494 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 360,399 shares. The stock had previously closed at $96.45.

Wall Street Analysts Forecast Growth

NBR has been the topic of a number of analyst reports. Wall Street Zen lowered shares of Nabors Industries from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. Weiss Ratings downgraded shares of Nabors Industries from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, May 4th. Piper Sandler lifted their price target on shares of Nabors Industries from $84.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. UBS Group set a $70.00 price target on shares of Nabors Industries in a research note on Friday, February 13th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $100.00 price target (up from $80.00) on shares of Nabors Industries in a research note on Wednesday, April 15th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $103.43.

Nabors Industries Trading Up 7.2%

The company has a market cap of $1.53 billion, a price-to-earnings ratio of 8.08 and a beta of 0.96. The company has a current ratio of 1.97, a quick ratio of 1.82 and a debt-to-equity ratio of 2.22. The firm has a 50-day moving average price of $93.24 and a 200 day moving average price of $75.13.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Tuesday, April 28th. The oil and gas company reported ($1.54) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $783.55 million during the quarter, compared to analyst estimates of $769.33 million. During the same quarter in the previous year, the firm posted $2.18 EPS. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Nabors Industries Ltd. will post -3.52 EPS for the current year.

Institutional Investors Weigh In On Nabors Industries

A number of hedge funds have recently made changes to their positions in NBR. AQR Capital Management LLC boosted its holdings in shares of Nabors Industries by 97.1% in the first quarter. AQR Capital Management LLC now owns 16,770 shares of the oil and gas company’s stock valued at $699,000 after acquiring an additional 8,260 shares in the last quarter. Dynamic Technology Lab Private Ltd boosted its stake in shares of Nabors Industries by 11.5% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 5,540 shares of the oil and gas company’s stock valued at $231,000 after buying an additional 570 shares during the period. Cetera Investment Advisers boosted its stake in shares of Nabors Industries by 19.1% during the 2nd quarter. Cetera Investment Advisers now owns 8,570 shares of the oil and gas company’s stock valued at $240,000 after buying an additional 1,374 shares during the period. Rhumbline Advisers boosted its stake in shares of Nabors Industries by 37.0% during the 2nd quarter. Rhumbline Advisers now owns 28,864 shares of the oil and gas company’s stock worth $809,000 after acquiring an additional 7,799 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Nabors Industries by 3.3% in the second quarter. Invesco Ltd. now owns 55,830 shares of the oil and gas company’s stock worth $1,564,000 after purchasing an additional 1,764 shares during the period. Institutional investors own 81.92% of the company’s stock.

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.