Nabors Industries (NYSE:NBR) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Nabors Industries (NYSE:NBR) from a buy rating to a hold rating in a research report sent to investors on Saturday morning.

A number of other brokerages also recently issued reports on NBR. Susquehanna restated a “neutral” rating and set a $56.00 price objective on shares of Nabors Industries in a research report on Thursday, October 30th. Royal Bank Of Canada set a $66.00 price target on Nabors Industries and gave the company a “sector perform” rating in a report on Thursday, October 30th. Piper Sandler reiterated an “underweight” rating and set a $32.00 price objective (up previously from $30.00) on shares of Nabors Industries in a research report on Thursday, August 14th. Barclays reissued an “underweight” rating and issued a $45.00 target price (up previously from $36.00) on shares of Nabors Industries in a research note on Tuesday, November 11th. Finally, Morgan Stanley set a $55.00 price target on shares of Nabors Industries and gave the company an “overweight” rating in a report on Friday, October 17th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Nabors Industries presently has a consensus rating of “Reduce” and an average target price of $48.14.

Nabors Industries Trading Down 5.7%

Shares of NBR opened at $55.12 on Friday. The stock has a market capitalization of $802.50 million, a PE ratio of 5.71 and a beta of 0.97. The company’s fifty day moving average is $47.08 and its 200 day moving average is $38.53. The company has a debt-to-equity ratio of 2.50, a quick ratio of 1.93 and a current ratio of 2.09. Nabors Industries has a fifty-two week low of $23.27 and a fifty-two week high of $70.14.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Tuesday, October 28th. The oil and gas company reported ($3.67) EPS for the quarter, missing analysts’ consensus estimates of ($2.37) by ($1.30). The business had revenue of $825.51 million during the quarter, compared to analysts’ expectations of $824.61 million. Nabors Industries had a negative return on equity of 30.85% and a net margin of 7.08%.The business’s quarterly revenue was up 11.8% on a year-over-year basis. During the same period in the previous year, the business earned ($6.86) earnings per share. Sell-side analysts expect that Nabors Industries will post -6.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Nabors Industries news, major shareholder Varde Partners Inc sold 312,378 shares of Nabors Industries stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $41.04, for a total transaction 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 document filed with the SEC, which is available at this hyperlink. 7.29% of the stock is owned by insiders.

Hedge Funds Weigh In On Nabors Industries

Institutional investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio lifted its holdings in Nabors Industries by 23.0% during the third quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company’s stock worth $63,000 after buying an additional 289 shares during the period. Nebula Research & Development LLC increased its holdings in shares of Nabors Industries by 2.5% in 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 acquiring an additional 428 shares during the period. State of Wyoming raised its position in shares of Nabors Industries by 20.5% in the 1st quarter. State of Wyoming now owns 2,941 shares of the oil and gas company’s stock worth $123,000 after acquiring an additional 500 shares in the last quarter. Ameritas Investment Partners Inc. lifted 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, Dynamic Technology Lab Private Ltd lifted its stake in shares of 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 worth $231,000 after purchasing an additional 570 shares during the last quarter. 81.92% of the stock is owned by hedge funds and other 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.