Analysts Set Nabors Industries Ltd. (NYSE:NBR) PT at $93.63

Shares of Nabors Industries Ltd. (NYSE:NBR) have received a consensus rating of “Hold” from the eight analysts that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $93.6250.

NBR has been the topic of a number of analyst reports. Wall Street Zen cut Nabors Industries from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. Barclays raised Nabors Industries from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $65.00 to $99.00 in a research note on Thursday, May 7th. Morgan Stanley reissued an “overweight” rating and issued a $100.00 price target (up from $80.00) on shares of Nabors Industries in a research note on Wednesday, April 15th. Citigroup lifted their price target on Nabors Industries from $89.00 to $110.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. Finally, Royal Bank Of Canada lifted their target price on Nabors Industries from $91.00 to $120.00 and gave the company a “sector perform” rating in a research note on Thursday, April 30th.

Hedge Funds Weigh In On Nabors Industries

Several institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE grew its stake in Nabors Industries by 191.8% during the 1st quarter. Bank of America Corp DE now owns 151,922 shares of the oil and gas company’s stock valued at $13,074,000 after acquiring an additional 99,852 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in 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 valued at $54,000 after acquiring an additional 141 shares in the last quarter. Royal Bank of Canada grew its stake in Nabors Industries by 11.6% during the 1st quarter. Royal Bank of Canada now owns 58,099 shares of the oil and gas company’s stock valued at $5,000,000 after acquiring an additional 6,057 shares in the last quarter. Empowered Funds LLC grew its stake in Nabors Industries by 41.6% during the 1st quarter. Empowered Funds LLC now owns 65,665 shares of the oil and gas company’s stock valued at $5,651,000 after acquiring an additional 19,286 shares in the last quarter. Finally, Quantinno Capital Management LP grew its stake in Nabors Industries by 11.7% during the 1st quarter. Quantinno Capital Management LP now owns 9,861 shares of the oil and gas company’s stock valued at $849,000 after acquiring an additional 1,034 shares in the last quarter. Hedge funds and other institutional investors own 81.92% of the company’s stock.

Nabors Industries Trading Down 2.1%

Shares of NBR opened at $108.34 on Friday. The business’s 50-day moving average price is $88.07 and its 200 day moving average price is $69.95. The stock has a market capitalization of $1.60 billion, a P/E ratio of 8.48 and a beta of 1.01. Nabors Industries has a 1-year low of $23.27 and a 1-year high of $112.90. The company has a current ratio of 1.97, a quick ratio of 1.82 and a debt-to-equity ratio of 2.22.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings results on Tuesday, April 28th. The oil and gas company reported ($1.54) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.49) by $0.95. The firm had revenue of $783.55 million for the quarter, compared to analysts’ expectations of $769.33 million. Nabors Industries had a negative return on equity of 8.66% and a net margin of 7.32%.Nabors Industries’s revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the business posted $2.18 EPS. Analysts expect that Nabors Industries will post -3.52 earnings per share for the current year.

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.