Nabors Industries (NYSE:NBR) Issues Quarterly Earnings Results

Nabors Industries (NYSE:NBR) released its earnings results on Wednesday. The oil and gas company reported $0.17 earnings per share for the quarter, topping the consensus estimate of ($3.11) by $3.28, Zacks reports. Nabors Industries had a net margin of 7.08% and a negative return on equity of 30.85%.

Nabors Industries Price Performance

Shares of NYSE:NBR traded up $2.39 during trading hours on Wednesday, hitting $70.73. 405,172 shares of the company’s stock traded hands, compared to its average volume of 358,307. Nabors Industries has a 52 week low of $23.27 and a 52 week high of $72.06. The company has a market cap of $1.03 billion, a price-to-earnings ratio of 7.33 and a beta of 0.99. The company’s fifty day simple moving average is $59.83 and its two-hundred day simple moving average is $47.99. The company has a debt-to-equity ratio of 2.50, a quick ratio of 1.93 and a current ratio of 2.09.

Analysts Set New Price Targets

Several brokerages recently weighed in on NBR. Susquehanna set a $64.00 price objective on Nabors Industries and gave the company a “neutral” rating in a report on Wednesday, January 7th. Piper Sandler raised shares of Nabors Industries from an “underweight” rating to an “overweight” rating and increased their target price for the stock from $32.00 to $65.00 in a report on Thursday, December 18th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $70.00 price target on shares of Nabors Industries in a report on Thursday, January 15th. Citigroup increased their price objective on shares of Nabors Industries from $58.00 to $60.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 6th. Finally, Wall Street Zen upgraded Nabors Industries from a “hold” rating to a “buy” rating in a research note on Saturday, January 10th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Nabors Industries currently has a consensus rating of “Hold” and an average price target of $59.14.

Hedge Funds Weigh In On Nabors Industries

A number of hedge funds and other institutional investors have recently modified their holdings of NBR. State of Wyoming raised its holdings in shares of Nabors Industries by 106.3% during the fourth quarter. State of Wyoming now owns 1,314 shares of the oil and gas company’s stock valued at $71,000 after acquiring an additional 677 shares during the period. Public Employees Retirement System of Ohio raised its stake in Nabors Industries by 23.0% during 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 purchasing an additional 289 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Nabors Industries by 153.9% in the third quarter. Russell Investments Group Ltd. now owns 3,222 shares of the oil and gas company’s stock worth $132,000 after buying an additional 1,953 shares during the period. WINTON GROUP Ltd purchased a new position in shares of Nabors Industries during the fourth quarter valued at $246,000. Finally, Sei Investments Co. purchased a new position in shares of Nabors Industries during the third quarter valued at $220,000. Institutional investors and hedge funds 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.