Nabors Industries (NYSE:NBR) Upgraded at Wall Street Zen

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

Several other equities research analysts also recently commented on the stock. Susquehanna reiterated a “neutral” rating and set a $56.00 price objective on shares of Nabors Industries in a research note on Thursday, October 30th. Weiss Ratings restated a “hold (c-)” rating on shares of Nabors Industries in a research note on Tuesday, November 11th. Citigroup reiterated a “neutral” rating and set a $58.00 price target (up previously from $38.00) on shares of Nabors Industries in a research note on Monday, November 3rd. Barclays reissued an “underweight” rating and issued a $45.00 price objective (up from $36.00) on shares of Nabors Industries in a report on Tuesday, November 11th. Finally, Piper Sandler reaffirmed an “underweight” rating and set a $32.00 target price (up previously from $30.00) on shares of Nabors Industries in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $48.14.

Nabors Industries Price Performance

Shares of NYSE NBR opened at $46.88 on Friday. The company has a debt-to-equity ratio of 2.50, a quick ratio of 1.63 and a current ratio of 2.09. The company has a market cap of $682.63 million, a PE ratio of 4.86 and a beta of 1.54. The business has a 50-day simple moving average of $44.29 and a two-hundred day simple moving average of $36.31. Nabors Industries has a fifty-two week low of $23.27 and a fifty-two week high of $78.97.

Nabors Industries (NYSE:NBR) last released its earnings results 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 company had revenue of $818.19 million during the quarter, compared to analyst estimates of $824.61 million. Nabors Industries had a negative return on equity of 30.85% and a net margin of 7.08%.The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same quarter last year, the business earned ($6.86) earnings per share. As a group, equities analysts expect that Nabors Industries will post -6.22 EPS for the current fiscal year.

Insider Activity

In other 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 transaction, the insider 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 through the SEC website. 7.29% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Nomura Holdings Inc. purchased a new position in shares of Nabors Industries during the 1st quarter valued at approximately $2,676,000. MQS Management LLC purchased a new stake in Nabors Industries during the second quarter worth $262,000. Apollo Management Holdings L.P. grew its position in Nabors Industries by 26.2% during the first quarter. Apollo Management Holdings L.P. now owns 421,836 shares of the oil and gas company’s stock valued at $17,595,000 after buying an additional 87,552 shares during the period. Readystate Asset Management LP grew its position in Nabors Industries by 78.2% during the first quarter. Readystate Asset Management LP now owns 40,505 shares of the oil and gas company’s stock valued at $1,689,000 after buying an additional 17,780 shares during the period. Finally, Barings LLC purchased a new position in Nabors Industries in the first quarter valued at $8,864,000. 81.92% of the stock is currently 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.