Nabors Industries (NYSE:NBR) Shares Up 8.4% – Here’s What Happened

Nabors Industries Ltd. (NYSE:NBR)’s share price shot up 8.4% on Monday . The stock traded as high as $87.72 and last traded at $88.4550. Approximately 27,317 shares changed hands during trading, a decline of 92% from the average session volume of 340,652 shares. The stock had previously closed at $81.59.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on NBR shares. Citigroup boosted their price target on Nabors Industries from $89.00 to $110.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Zacks Research raised Nabors Industries from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. Wall Street Zen cut Nabors Industries from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. Weiss Ratings reissued a “hold (c-)” rating on shares of Nabors Industries in a research report on Friday, July 31st. Finally, Royal Bank Of Canada lifted their price objective on Nabors Industries from $91.00 to $120.00 and gave the company a “sector perform” rating in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $101.14.

Nabors Industries Trading Up 8.1%

The company has a market capitalization of $1.31 billion, a PE ratio of 6.53 and a beta of 0.98. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.89 and a quick ratio of 1.75. The company’s fifty day moving average is $85.99 and its 200-day moving average is $84.02.

Nabors Industries (NYSE:NBR) last announced its earnings results on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share (EPS) for the quarter. Nabors Industries had a net margin of 7.64% and a negative return on equity of 7.06%. The company had revenue of $814.79 million for the quarter. On average, analysts anticipate that Nabors Industries Ltd. will post -2.96 EPS for the current fiscal year.

Institutional Investors Weigh In On Nabors Industries

A number of institutional investors have recently added to or reduced their stakes in NBR. EverSource Wealth Advisors LLC grew its position in shares of Nabors Industries by 29.3% in the first quarter. EverSource Wealth Advisors LLC now owns 622 shares of the oil and gas company’s stock valued at $54,000 after purchasing an additional 141 shares during the period. Kestra Advisory Services LLC raised its position in shares of Nabors Industries by 0.7% during the 1st quarter. Kestra Advisory Services LLC now owns 24,937 shares of the oil and gas company’s stock worth $2,146,000 after purchasing an additional 168 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in Nabors Industries by 2.0% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,634 shares of the oil and gas company’s stock valued at $469,000 after buying an additional 173 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in Nabors Industries by 23.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company’s stock valued at $63,000 after buying an additional 289 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its holdings in Nabors Industries by 24.1% in the 4th quarter. Quadrant Capital Group LLC now owns 1,754 shares of the oil and gas company’s stock worth $95,000 after buying an additional 341 shares during the last quarter. Institutional investors own 81.92% of the company’s stock.

About Nabors Industries

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.