Weiss Ratings Reiterates Sell (D-) Rating for Nabors Industries (NYSE:NBR)

Nabors Industries (NYSE:NBR)‘s stock had its “sell (d-)” rating restated by equities research analysts at Weiss Ratings in a research note issued on Tuesday,Weiss Ratings reports.

A number of other equities analysts have also recently weighed in on the stock. Piper Sandler reaffirmed an “underweight” rating and set a $32.00 price target (up from $30.00) on shares of Nabors Industries in a research note on Thursday, August 14th. Susquehanna increased their price objective on shares of Nabors Industries from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, August 27th. Barclays reissued an “underweight” rating and issued a $36.00 price objective (up from $29.00) on shares of Nabors Industries in a research note on Monday, September 22nd. Finally, Royal Bank Of Canada increased their price objective on shares of Nabors Industries from $45.00 to $47.00 and gave the company a “sector perform” rating in a research note on Thursday, August 21st. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Nabors Industries has a consensus rating of “Reduce” and a consensus target price of $44.00.

Nabors Industries Stock Performance

NYSE:NBR opened at $39.54 on Tuesday. The company has a quick ratio of 1.63, a current ratio of 1.79 and a debt-to-equity ratio of 4.17. Nabors Industries has a fifty-two week low of $23.27 and a fifty-two week high of $86.10. The stock has a market cap of $622.30 million, a PE ratio of -2.81 and a beta of 1.46. The firm’s fifty day simple moving average is $38.45 and its 200-day simple moving average is $33.39.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Tuesday, July 29th. The oil and gas company reported ($2.71) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.05) by ($0.66). Nabors Industries had a negative return on equity of 35.99% and a negative net margin of 3.51%.The company had revenue of $832.79 million for the quarter, compared to analyst estimates of $857.98 million. During the same period last year, the company earned ($4.29) earnings per share. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. Analysts expect that Nabors Industries will post -6.22 earnings per share for the current fiscal year.

Insider Activity

In other Nabors Industries news, major shareholder Varde Partners Inc sold 312,378 shares of the firm’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $41.04, for a total transaction of $12,819,993.12. Following the sale, the insider directly owned 1,406,052 shares of the company’s stock, valued at $57,704,374.08. This trade represents a 18.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.41% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nabors Industries

Hedge funds have recently modified their holdings of the company. CWM LLC boosted its stake in shares of Nabors Industries by 244.6% during the 3rd quarter. CWM LLC now owns 889 shares of the oil and gas company’s stock worth $36,000 after purchasing an additional 631 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Nabors Industries by 520.2% during the 1st quarter. GAMMA Investing LLC now owns 1,073 shares of the oil and gas company’s stock worth $45,000 after purchasing an additional 900 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Nabors Industries by 3,866.7% during the 1st quarter. Russell Investments Group Ltd. now owns 1,309 shares of the oil and gas company’s stock worth $55,000 after purchasing an additional 1,276 shares during the last quarter. Ameritas Investment Partners Inc. boosted its stake in shares of Nabors Industries by 58.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,444 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 533 shares during the last quarter. Finally, State of Wyoming boosted its stake in shares of Nabors Industries by 20.5% during the 1st quarter. State of Wyoming now owns 2,941 shares of the oil and gas company’s stock worth $123,000 after purchasing an additional 500 shares during the last quarter. 81.92% of the stock is owned by institutional investors and hedge funds.

Nabors Industries Company Profile

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. The company operates through four segments: U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running services, including casing and tubing running, and torque monitoring; managed pressure drilling services; and drilling-bit steering systems and rig instrumentation software.