Nabors Industries (NYSE:NBR) Sets New 12-Month High – Here’s Why

Shares of Nabors Industries Ltd. (NYSE:NBR) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $82.53 and last traded at $82.88, with a volume of 55669 shares traded. The stock had previously closed at $81.13.

Analyst Upgrades and Downgrades

NBR has been the topic of a number of research analyst reports. Morgan Stanley restated an “overweight” rating and issued a $80.00 target price on shares of Nabors Industries in a research report on Wednesday, January 21st. Piper Sandler reiterated an “overweight” rating and set a $80.00 price target (up from $65.00) on shares of Nabors Industries in a report on Tuesday, February 17th. Citigroup restated a “neutral” rating and issued a $85.00 price objective (up from $60.00) on shares of Nabors Industries in a report on Tuesday, February 24th. UBS Group set a $70.00 target price on shares of Nabors Industries in a research report on Friday, February 13th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Nabors Industries in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Nabors Industries presently has a consensus rating of “Hold” and an average target price of $69.00.

Nabors Industries Stock Down 2.7%

The company has a debt-to-equity ratio of 2.22, a current ratio of 1.56 and a quick ratio of 1.47. The business has a 50 day simple moving average of $69.01 and a 200 day simple moving average of $54.04. The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of 4.77 and a beta of 0.89.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings data on Wednesday, February 11th. The oil and gas company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.93) by $3.10. Nabors Industries had a negative return on equity of 17.63% and a net margin of 8.92%.The firm had revenue of $805.13 million for the quarter, compared to the consensus estimate of $795.82 million. During the same quarter in the previous year, the business earned ($6.67) EPS. The company’s quarterly revenue was up 9.0% compared to the same quarter last year. As a group, equities 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 bought and sold shares of the business. Invesco Ltd. boosted its stake in shares of Nabors Industries by 14.6% in the fourth quarter. Invesco Ltd. now owns 80,712 shares of the oil and gas company’s stock valued at $4,383,000 after purchasing an additional 10,308 shares during the period. Empowered Funds LLC purchased a new stake in Nabors Industries during the 4th quarter worth approximately $2,518,000. XTX Topco Ltd purchased a new stake in Nabors Industries during the 4th quarter worth approximately $709,000. Voloridge Investment Management LLC acquired a new stake in Nabors Industries during the 4th quarter worth approximately $1,733,000. Finally, Tudor Investment Corp ET AL lifted its holdings in Nabors Industries by 1,770.5% during the 4th quarter. Tudor Investment Corp ET AL now owns 43,433 shares of the oil and gas company’s stock worth $2,358,000 after buying an additional 46,033 shares in the last quarter. 81.92% of the stock is currently owned by hedge funds and other institutional investors.

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.