Cowen Analysts Give Nabors Industries (NBR) a $9.00 Price Target

Nabors Industries (NYSE:NBR) has been given a $9.00 price objective by investment analysts at Cowen in a research note issued to investors on Thursday. The brokerage currently has a “buy” rating on the oil and gas company’s stock. Cowen’s target price would indicate a potential upside of 9.89% from the stock’s current price.

A number of other equities research analysts have also weighed in on NBR. Citigroup reiterated a “buy” rating and issued a $8.00 price objective (down from $9.00) on shares of Nabors Industries in a research report on Wednesday, September 13th. SunTrust Banks reiterated a “buy” rating and issued a $9.00 price objective (down from $20.00) on shares of Nabors Industries in a research report on Tuesday, October 3rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $12.00 price objective (down from $14.00) on shares of Nabors Industries in a research report on Friday, October 6th. Deutsche Bank began coverage on Nabors Industries in a research note on Tuesday, October 10th. They issued a “hold” rating and a $9.00 target price for the company. Finally, Morgan Stanley lowered their target price on Nabors Industries from $9.00 to $8.50 and set an “equal weight” rating for the company in a research note on Thursday, October 26th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $10.75.

Shares of Nabors Industries (NYSE:NBR) opened at $8.19 on Thursday. The firm has a market capitalization of $2,340.00, a P/E ratio of -3.06 and a beta of 1.59. Nabors Industries has a 1 year low of $5.32 and a 1 year high of $18.38. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.41 and a quick ratio of 1.27.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Tuesday, October 24th. The oil and gas company reported ($0.42) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.33) by ($0.09). The business had revenue of $662.50 million during the quarter, compared to the consensus estimate of $674.03 million. Nabors Industries had a negative return on equity of 14.74% and a negative net margin of 31.99%. Nabors Industries’s quarterly revenue was up 27.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.55) earnings per share. equities research analysts anticipate that Nabors Industries will post -1.63 earnings per share for the current year.

Large investors have recently made changes to their positions in the business. HAP Trading LLC raised its stake in Nabors Industries by 479.2% during the third quarter. HAP Trading LLC now owns 44,361 shares of the oil and gas company’s stock valued at $358,000 after buying an additional 56,061 shares during the last quarter. Trexquant Investment LP purchased a new position in Nabors Industries during the third quarter valued at $588,000. Cornerstone Capital Management Holdings LLC. purchased a new position in Nabors Industries during the third quarter valued at $353,000. Commonwealth Bank of Australia raised its stake in Nabors Industries by 26.6% during the third quarter. Commonwealth Bank of Australia now owns 116,761 shares of the oil and gas company’s stock valued at $939,000 after buying an additional 24,500 shares during the last quarter. Finally, Prudential Financial Inc. raised its stake in Nabors Industries by 278.9% during the third quarter. Prudential Financial Inc. now owns 3,960,689 shares of the oil and gas company’s stock valued at $31,963,000 after buying an additional 2,915,370 shares during the last quarter. Institutional investors and hedge funds own 87.63% of the company’s stock.

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Nabors Industries Company Profile

Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The Company conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.

Analyst Recommendations for Nabors Industries (NYSE:NBR)

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