Nabors Industries (NYSE:NBR) Shares Gap Up – What’s Next?

Nabors Industries Ltd. (NYSE:NBR) gapped up before the market opened on Thursday . The stock had previously closed at $90.54, but opened at $92.95. Nabors Industries shares last traded at $89.10, with a volume of 14,115 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on NBR. Piper Sandler reiterated an “overweight” rating and issued a $130.00 price objective (up from $120.00) on shares of Nabors Industries in a research note on Thursday, July 30th. Morgan Stanley set a $110.00 target price on Nabors Industries in a research report on Thursday, August 20th. Susquehanna decreased their price target on Nabors Industries from $105.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 8th. Weiss Ratings upgraded Nabors Industries from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 13th. Finally, Zacks Research lowered Nabors Industries from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Two research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $102.57.

Nabors Industries Price Performance

The stock has a market capitalization of $1.44 billion, a P/E ratio of 6.73 and a beta of 1.00. The company’s 50 day simple moving average is $86.63 and its two-hundred day simple moving average is $87.94. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.89 and a quick ratio of 1.75.

Nabors Industries (NYSE:NBR) last posted its earnings results on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share (EPS) for the quarter. The firm had revenue of $814.79 million during the quarter. Nabors Industries had a net margin of 7.64% and a negative return on equity of 7.06%. As a group, equities analysts expect that Nabors Industries Ltd. will post -3.69 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director David Tudor sold 3,200 shares of the firm’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $92.30, for a total transaction of $295,360.00. Following the completion of the sale, the director directly owned 5,264 shares of the company’s stock, valued at $485,867.20. This trade represents a 37.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.32% of the stock is owned by corporate insiders.

Institutional Trading of Nabors Industries

Several large investors have recently made changes to their positions in the business. Adage Capital Partners GP L.L.C. increased its stake in shares of Nabors Industries by 62.6% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 1,260,000 shares of the oil and gas company’s stock valued at $68,418,000 after buying an additional 485,000 shares in the last quarter. California State Teachers Retirement System grew its holdings in Nabors Industries by 9,671.6% during the 2nd quarter. California State Teachers Retirement System now owns 1,022,402 shares of the oil and gas company’s stock worth $85,892,000 after acquiring an additional 1,011,939 shares during the last quarter. Vanguard Group Inc. increased its position in Nabors Industries by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 871,047 shares of the oil and gas company’s stock valued at $47,298,000 after acquiring an additional 13,424 shares in the last quarter. Cibc World Market Inc. increased its position in Nabors Industries by 2.0% in the 4th quarter. Cibc World Market Inc. now owns 499,147 shares of the oil and gas company’s stock valued at $27,104,000 after acquiring an additional 9,640 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Nabors Industries by 15.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 485,346 shares of the oil and gas company’s stock worth $26,354,000 after acquiring an additional 66,640 shares during the last quarter. 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.