Nabors Industries (NYSE:NBR) Price Target Cut to $85.00 by Analysts at Barclays

Nabors Industries (NYSE:NBR) had its target price cut by research analysts at Barclays from $93.00 to $85.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the oil and gas company’s stock. Barclays‘s price target suggests a potential upside of 12.95% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Susquehanna restated a “neutral” rating and set a $91.00 price objective (up from $85.00) on shares of Nabors Industries in a report on Monday, October 5th. 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. Morgan Stanley set a $110.00 target price on shares of Nabors Industries in a research note on Thursday, August 20th. Citigroup reduced their target price on shares of Nabors Industries from $110.00 to $100.00 and set a “neutral” rating for the company in a research report on Wednesday, November 4th. Finally, Piper Sandler raised their price target on shares of Nabors Industries from $130.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 3rd. Two equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Nabors Industries currently has a consensus rating of “Hold” and an average target price of $103.00.

Nabors Industries Stock Performance

Shares of NYSE NBR traded up $2.06 during mid-day trading on Monday, reaching $75.25. 32,413 shares of the company’s stock were exchanged, compared to its average volume of 305,528. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -16.26 and a beta of 1.09. Nabors Industries has a 52 week low of $44.04 and a 52 week high of $112.90. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.77 and a quick ratio of 1.64. The firm has a 50-day moving average price of $83.65 and a two-hundred day moving average price of $84.54.

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

Insiders Place Their Bets

In other Nabors Industries news, Director David Tudor sold 3,200 shares of the stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $92.30, for a total transaction of $295,360.00. Following the completion of the transaction, the director owned 5,264 shares in the company, valued at $485,867.20. This trade represents a 37.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.32% of the stock is owned by corporate insiders.

Institutional Trading of Nabors Industries

A number of institutional investors have recently modified their holdings of the business. Engineers Gate Manager LP boosted 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 worth $34,830,000 after buying an additional 388,976 shares during the period. Dimensional Fund Advisors LP grew its stake in Nabors Industries by 42.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 447,833 shares of the oil and gas company’s stock valued at $38,545,000 after buying an additional 132,747 shares in the last quarter. Bank of America Corp DE grew its stake in Nabors Industries by 191.8% in the 1st quarter. Bank of America Corp DE now owns 151,922 shares of the oil and gas company’s stock valued at $13,074,000 after buying an additional 99,852 shares in the last quarter. Hosking Partners LLP bought a new stake in Nabors Industries during the 3rd quarter valued at $2,970,000. Finally, Arlington Capital Management Inc. bought a new stake in Nabors Industries during the 2nd quarter valued at $3,144,000. 81.92% of the stock is currently owned by hedge funds and other 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.