Nabors Industries (NYSE:NBR) Stock Gets Price Target Reduction from Citigroup

Nabors Industries (NYSE:NBR) had its target price lowered by Citigroup from $110.00 to $100.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the oil and gas company’s stock.

Several other research analysts have also weighed in on NBR. Weiss Ratings upgraded shares of Nabors Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. Barclays set a $93.00 target price on shares of Nabors Industries and gave the company an “equal weight” rating in a research note on Wednesday, August 5th. Piper Sandler lifted their price target on Nabors Industries from $130.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday. Morgan Stanley set a $110.00 price objective on Nabors Industries in a research note on Thursday, August 20th. Finally, Wall Street Zen cut Nabors Industries from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Two research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Nabors Industries presently has a consensus rating of “Hold” and an average price target of $104.14.

Nabors Industries Stock Up 2.7%

Shares of NYSE:NBR traded up $1.93 during trading on Wednesday, hitting $73.35. 239,383 shares of the company were exchanged, compared to its average volume of 224,005. Nabors Industries has a fifty-two week low of $44.04 and a fifty-two week high of $112.90. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of -15.77 and a beta of 1.09. The company has a current ratio of 1.77, a quick ratio of 1.75 and a debt-to-equity ratio of 2.04. The firm has a fifty day moving average price of $83.65 and a two-hundred day moving average price of $84.54.

Nabors Industries (NYSE:NBR) last released its earnings results on Wednesday, October 28th. The oil and gas company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($1.10). Nabors Industries had a negative net margin of 1.17% and a negative return on equity of 3.98%. The firm had revenue of $872.19 million during the quarter, compared to the consensus estimate of $859.20 million. During the same period in the prior year, the business posted $16.85 earnings per share. Nabors Industries’s quarterly revenue was up 6.6% compared to the same quarter last year. As a group, research analysts anticipate that Nabors Industries will post -3.87 earnings per share for the current fiscal year.

Insider Activity at Nabors Industries

In other news, Director David Tudor sold 3,200 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $92.30, for a total value of $295,360.00. Following the transaction, the director owned 5,264 shares of the company’s stock, valued at approximately $485,867.20. This represents a 37.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.32% of the company’s stock.

Institutional Trading of Nabors Industries

Several institutional investors have recently added to or reduced their stakes in NBR. Engineers Gate Manager LP grew its holdings in Nabors Industries by 1,518.1% in the 2nd quarter. Engineers Gate Manager LP now owns 414,599 shares of the oil and gas company’s stock valued at $34,830,000 after buying an additional 388,976 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Nabors Industries by 42.1% during the first quarter. Dimensional Fund Advisors LP now owns 447,833 shares of the oil and gas company’s stock worth $38,545,000 after buying an additional 132,747 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Nabors Industries by 191.8% during the first quarter. Bank of America Corp DE now owns 151,922 shares of the oil and gas company’s stock worth $13,074,000 after buying an additional 99,852 shares in the last quarter. Hosking Partners LLP bought a new stake in shares of Nabors Industries in the third quarter valued at about $2,970,000. Finally, Arlington Capital Management Inc. bought a new stake in shares of Nabors Industries in the second quarter valued at about $3,144,000. 81.92% of the stock is currently owned by institutional investors.

About Nabors Industries

Nabors Industries Ltd. is a global provider of drilling and well-construction services to the oil and gas industry. The company operates land-based drilling rigs and offshore drilling units, serving exploration and production companies developing conventional and unconventional oil and natural gas resources.

Its services and products include contract drilling, directional drilling, measurement-while-drilling and logging-while-drilling technologies, wellbore placement, and drilling-related equipment.