Analysts Set Nabors Industries Ltd. (NYSE:NBR) Price Target at $44.00

Nabors Industries Ltd. (NYSE:NBR) has been given a consensus recommendation of “Reduce” by the nine analysts that are covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a sell recommendation, four have given a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $44.00.

Several research analysts have recently weighed in on the company. Piper Sandler reissued an “underweight” rating and issued a $32.00 price objective (up from $30.00) on shares of Nabors Industries in a research report on Thursday, August 14th. Susquehanna boosted their target price on Nabors Industries from $37.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, August 27th. Royal Bank Of Canada boosted their target price on Nabors Industries from $45.00 to $47.00 and gave the company a “sector perform” rating in a research report on Thursday, August 21st. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Nabors Industries in a research report on Saturday, September 27th. Finally, Barclays reaffirmed an “underweight” rating and issued a $36.00 target price (up from $29.00) on shares of Nabors Industries in a research report on Monday, September 22nd.

Nabors Industries Stock Performance

NBR stock opened at $43.14 on Thursday. The stock has a 50-day moving average price of $37.79 and a 200-day moving average price of $33.50. Nabors Industries has a 1-year low of $23.27 and a 1-year high of $86.10. The company has a current ratio of 1.79, a quick ratio of 1.63 and a debt-to-equity ratio of 4.17. The firm has a market cap of $679.02 million, a PE ratio of -3.07 and a beta of 1.46.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings data on Tuesday, July 29th. The oil and gas company reported ($2.71) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $832.79 million during the quarter, compared to the consensus estimate of $857.98 million. During the same period last year, the business posted ($4.29) earnings per share. The business’s revenue was up 12.1% on a year-over-year basis. As a group, equities research analysts expect that Nabors Industries will post -6.22 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Varde Partners Inc sold 312,378 shares of the business’s stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $41.04, for a total value of $12,819,993.12. Following the completion of the sale, the insider directly owned 1,406,052 shares of the company’s stock, valued at $57,704,374.08. The trade was a 18.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 5.41% of the stock is owned by insiders.

Institutional Trading of Nabors Industries

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nebula Research & Development LLC boosted its stake in Nabors Industries by 2.5% during the 2nd quarter. Nebula Research & Development LLC now owns 17,697 shares of the oil and gas company’s stock valued at $496,000 after purchasing an additional 428 shares during the last quarter. State of Wyoming boosted its stake in 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 valued at $123,000 after purchasing an additional 500 shares during the last quarter. Ameritas Investment Partners Inc. boosted its stake in 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 valued at $40,000 after purchasing an additional 533 shares during the last quarter. Dynamic Technology Lab Private Ltd boosted its stake in Nabors Industries by 11.5% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 5,540 shares of the oil and gas company’s stock valued at $231,000 after purchasing an additional 570 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in Nabors Industries during the 4th quarter valued at about $36,000. 81.92% of the stock is owned by institutional investors.

About Nabors Industries

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.