Nabors Industries Ltd. (NYSE:NBR) Stock Has Average Price Target of $103.43 According to Brokerages

Nabors Industries Ltd. (NYSE:NBR) has earned an average rating of “Hold” from the eight analysts that are presently covering the company, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $103.43.

Several research firms have weighed in on NBR. Wall Street Zen lowered shares of Nabors Industries from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Barclays set a $93.00 target price on shares of Nabors Industries and gave the stock an “equal weight” rating in a report on Wednesday, August 5th. Piper Sandler restated an “overweight” rating and issued a $130.00 price target (up from $120.00) on shares of Nabors Industries in a research report on Thursday, July 30th. Zacks Research downgraded shares of Nabors Industries from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Finally, Weiss Ratings raised shares of Nabors Industries from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 13th.

Insider Buying and Selling

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 transaction of $295,360.00. Following the completion of the transaction, the director directly 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 the SEC website. 5.32% of the stock is currently owned by insiders.

Institutional Trading of Nabors Industries

Several hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE grew its stake in Nabors Industries by 191.8% during the 1st 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 during the last quarter. Concurrent Investment Advisors LLC acquired a new stake in Nabors Industries in the second quarter worth $2,081,000. Arlington Capital Management Inc. acquired a new stake in Nabors Industries in the second quarter worth $3,144,000. Renaissance Technologies LLC lifted its stake in Nabors Industries by 236.0% in the first quarter. Renaissance Technologies LLC now owns 16,800 shares of the oil and gas company’s stock valued at $1,446,000 after buying an additional 11,800 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Nabors Industries in the second quarter valued at $1,201,000. Institutional investors own 81.92% of the company’s stock.

Nabors Industries Price Performance

Shares of NYSE NBR opened at $78.00 on Monday. Nabors Industries has a twelve month low of $39.18 and a twelve month high of $112.90. The company has a current ratio of 1.89, a quick ratio of 1.75 and a debt-to-equity ratio of 2.24. The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of 5.80 and a beta of 1.11. The business has a 50 day simple moving average of $86.75 and a 200-day simple moving average of $88.37.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share (EPS) for the quarter. Nabors Industries had a net margin of 7.64% and a negative return on equity of 7.06%. The firm had revenue of $814.79 million for the quarter. As a group, equities research analysts expect that Nabors Industries will post -3.65 earnings per share for the current year.

About Nabors Industries

Nabors Industries Ltd. (NYSE:NBR) is an international drilling contractor that provides land-based and offshore drilling services to oil and natural gas exploration and production companies. The company operates a fleet of drilling rigs and supplies related equipment, personnel and technical expertise for drilling and well-construction projects.

Its services include contract land drilling, offshore drilling, directional drilling and drilling-related services. Nabors also develops and provides drilling automation, software and other technologies intended to improve operational efficiency, safety and well placement.