Nabors Industries (NYSE:NBR) Shares Gap Up – What’s Next?

Shares of Nabors Industries Ltd. (NYSE:NBR) gapped up before the market opened on Tuesday . The stock had previously closed at $32.07, but opened at $32.95. Nabors Industries shares last traded at $33.98, with a volume of 60,010 shares traded.

Analyst Ratings Changes

NBR has been the topic of a number of recent analyst reports. Barclays restated an “underweight” rating and set a $28.00 price target (down from $53.00) on shares of Nabors Industries in a research report on Monday, May 19th. Morgan Stanley dropped their price target on shares of Nabors Industries from $75.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, May 16th. Citigroup dropped their price target on shares of Nabors Industries from $50.00 to $38.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 13th. Susquehanna dropped their price target on shares of Nabors Industries from $32.00 to $29.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Finally, JPMorgan Chase & Co. dropped their price target on shares of Nabors Industries from $38.00 to $25.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 28th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $42.86.

Nabors Industries Price Performance

The company has a current ratio of 1.75, a quick ratio of 1.52 and a debt-to-equity ratio of 5.95. The business’s fifty day moving average is $28.71 and its 200 day moving average is $45.44. The firm has a market capitalization of $540.69 million, a P/E ratio of -1.54 and a beta of 1.52.

Nabors Industries (NYSE:NBR) last released its earnings results on Tuesday, April 29th. The oil and gas company reported ($7.50) EPS for the quarter, missing analysts’ consensus estimates of ($2.64) by ($4.86). Nabors Industries had a negative return on equity of 32.96% and a negative net margin of 5.93%. The business had revenue of $742.78 million during the quarter, compared to the consensus estimate of $706.49 million. During the same quarter in the previous year, the firm earned ($4.54) earnings per share. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. As a group, analysts forecast that Nabors Industries Ltd. will post -6.22 EPS for the current year.

Institutional Investors Weigh In On Nabors Industries

A number of large investors have recently made changes to their positions in NBR. Van ECK Associates Corp raised its holdings in shares of Nabors Industries by 41.0% during the fourth quarter. Van ECK Associates Corp now owns 202,552 shares of the oil and gas company’s stock valued at $11,580,000 after acquiring an additional 58,946 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Nabors Industries by 2.8% during the fourth quarter. Principal Financial Group Inc. now owns 43,602 shares of the oil and gas company’s stock valued at $2,493,000 after acquiring an additional 1,184 shares during the period. Proficio Capital Partners LLC acquired a new stake in shares of Nabors Industries during the fourth quarter valued at approximately $664,000. US Bancorp DE raised its holdings in shares of Nabors Industries by 234.9% during the fourth quarter. US Bancorp DE now owns 720 shares of the oil and gas company’s stock valued at $41,000 after acquiring an additional 505 shares during the period. Finally, Amundi raised its holdings in shares of Nabors Industries by 192.8% during the fourth quarter. Amundi now owns 7,115 shares of the oil and gas company’s stock valued at $443,000 after acquiring an additional 4,685 shares during the period. Institutional investors and hedge funds own 81.92% of the company’s stock.

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.