Nabors Industries (NYSE:NBR) Shares Down 6.3% – What’s Next?

Shares of Nabors Industries Ltd. (NYSE:NBR) were down 6.3% on Monday . The company traded as low as $95.00 and last traded at $95.2250. Approximately 183,037 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 358,308 shares. The stock had previously closed at $101.63.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on NBR shares. Royal Bank Of Canada raised their price target on Nabors Industries from $91.00 to $120.00 and gave the company a “sector perform” rating in a research report on Thursday, April 30th. Susquehanna restated a “neutral” rating and issued a $105.00 price target (up from $85.00) on shares of Nabors Industries in a research report on Thursday, April 30th. Weiss Ratings cut Nabors Industries from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, May 4th. Piper Sandler raised their price target on Nabors Industries from $84.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Finally, Wall Street Zen cut Nabors Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $103.43.

Nabors Industries Stock Down 2.5%

The stock has a market cap of $1.32 billion, a price-to-earnings ratio of 6.97 and a beta of 0.96. The company has a quick ratio of 1.82, a current ratio of 1.97 and a debt-to-equity ratio of 2.22. The stock has a fifty day moving average of $94.97 and a two-hundred day moving average of $77.19.

Nabors Industries (NYSE:NBR) last issued its earnings results on Tuesday, April 28th. The oil and gas company reported ($1.54) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.49) by $0.95. Nabors Industries had a negative return on equity of 8.66% and a net margin of 7.32%.The firm had revenue of $783.55 million for the quarter, compared to analysts’ expectations of $769.33 million. During the same quarter last year, the firm earned $2.18 earnings per share. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, analysts predict that Nabors Industries Ltd. will post -3.32 EPS for the current fiscal year.

Institutional Trading of Nabors Industries

Institutional investors have recently modified their holdings of the company. Islay Capital Management LLC purchased a new stake in shares of Nabors Industries during the 4th quarter worth about $26,000. Quarry LP purchased a new stake in shares of Nabors Industries during the 4th quarter worth about $33,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Nabors Industries during the 4th quarter worth about $40,000. EverSource Wealth Advisors LLC grew its holdings in shares of Nabors Industries by 29.3% during the 1st quarter. EverSource Wealth Advisors LLC now owns 622 shares of the oil and gas company’s stock worth $54,000 after purchasing an additional 141 shares during the period. Finally, Public Employees Retirement System of Ohio grew its holdings in shares of Nabors Industries by 23.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company’s stock worth $63,000 after purchasing an additional 289 shares during the period. Hedge funds and other institutional investors own 81.92% of the company’s stock.

Nabors Industries Company Profile

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company’s operations span two core segments: drilling and evaluation, which includes land‐based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors’ integrated model combines rig operations with engineered products and field support, positioning it as a full‐service provider in the upstream sector.

The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.