Nabors Industries (NYSE:NBR) Sets New 12-Month High – Time to Buy?

Nabors Industries Ltd. (NYSE:NBR) reached a new 52-week high during trading on Tuesday . The company traded as high as $72.16 and last traded at $71.41, with a volume of 146991 shares traded. The stock had previously closed at $68.10.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on NBR shares. Wall Street Zen raised shares of Nabors Industries from a “hold” rating to a “buy” rating in a research note on Saturday, January 10th. UBS Group set a $70.00 target price on Nabors Industries in a research report on Friday, February 13th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Nabors Industries in a research note on Monday, December 29th. Citigroup raised their price objective on Nabors Industries from $58.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday, January 6th. Finally, Piper Sandler restated an “overweight” rating and set a $80.00 price objective (up from $65.00) on shares of Nabors Industries in a report on Tuesday. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $64.00.

Nabors Industries Trading Up 1.6%

The company has a quick ratio of 1.93, a current ratio of 1.56 and a debt-to-equity ratio of 2.22. The firm’s 50 day simple moving average is $61.80 and its two-hundred day simple moving average is $49.58. The stock has a market cap of $1.12 billion, a P/E ratio of 4.64 and a beta of 0.99.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Wednesday, February 11th. The oil and gas company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.93) by $3.10. Nabors Industries had a net margin of 8.92% and a negative return on equity of 17.63%. The company had revenue of $805.13 million for the quarter, compared to the consensus estimate of $795.82 million. During the same period last year, the firm posted ($6.67) EPS. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. As a group, equities research analysts predict that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

Institutional Trading of Nabors Industries

A number of institutional investors and hedge funds have recently made changes to their positions in NBR. Adage Capital Partners GP L.L.C. increased its holdings in shares of Nabors Industries by 62.6% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,260,000 shares of the oil and gas company’s stock worth $68,418,000 after acquiring an additional 485,000 shares during the period. Vanguard Group Inc. increased its stake in shares of Nabors Industries by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 871,047 shares of the oil and gas company’s stock valued at $47,298,000 after purchasing an additional 13,424 shares during the period. Apollo Management Holdings L.P. increased its stake in shares of Nabors Industries by 54.2% in the second quarter. Apollo Management Holdings L.P. now owns 650,623 shares of the oil and gas company’s stock valued at $18,230,000 after purchasing an additional 228,787 shares during the period. Cibc World Market Inc. raised its holdings in shares of Nabors Industries by 2.0% during the fourth quarter. Cibc World Market Inc. now owns 499,147 shares of the oil and gas company’s stock valued at $27,104,000 after buying an additional 9,640 shares during the last quarter. Finally, Highbridge Capital Management LLC boosted its position in shares of Nabors Industries by 26.9% during the third quarter. Highbridge Capital Management LLC now owns 491,795 shares of the oil and gas company’s stock worth $20,100,000 after buying an additional 104,219 shares during the period. 81.92% of the stock is currently owned by institutional investors and hedge funds.

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.