Nabors Industries (NYSE:NBR) Price Target Raised to $85.00

Nabors Industries (NYSE:NBR) had its price target increased by stock analysts at Susquehanna from $70.00 to $85.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas company’s stock. Susquehanna’s price target points to a potential upside of 1.53% from the company’s current price.

Other research analysts also recently issued research reports about the company. Citigroup raised their price target on Nabors Industries from $85.00 to $89.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 1st. Wall Street Zen downgraded Nabors Industries from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. UBS Group set a $70.00 target price on Nabors Industries in a research note on Friday, February 13th. Barclays lifted their target price on Nabors Industries from $50.00 to $65.00 and gave the company an “underweight” rating in a research note on Wednesday, February 25th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Nabors Industries in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $71.38.

Nabors Industries Stock Performance

NYSE:NBR traded up $1.52 during mid-day trading on Tuesday, reaching $83.72. 35,806 shares of the stock were exchanged, compared to its average volume of 386,470. The company has a 50 day simple moving average of $76.32 and a 200-day simple moving average of $59.66. The stock has a market capitalization of $1.23 billion, a P/E ratio of 5.06 and a beta of 0.87. The company has a quick ratio of 1.47, a current ratio of 1.56 and a debt-to-equity ratio of 2.22. Nabors Industries has a 1 year low of $23.27 and a 1 year high of $92.38.

Nabors Industries (NYSE:NBR) last released 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. The firm had revenue of $797.53 million for the quarter, compared to the consensus estimate of $795.82 million. Nabors Industries had a negative return on equity of 17.63% and a net margin of 8.92%.The firm’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the business posted ($6.67) EPS. Analysts anticipate that Nabors Industries will post -6.22 earnings per share for the current fiscal year.

Institutional Trading of Nabors Industries

A number of institutional investors have recently modified their holdings of the business. Adage Capital Partners GP L.L.C. boosted 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. Vanguard Group Inc. boosted 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 buying an additional 13,424 shares in the last quarter. Apollo Management Holdings L.P. boosted 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 buying an additional 228,787 shares in the last quarter. Cibc World Market Inc. boosted its stake in shares of Nabors Industries by 2.0% in 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 in the last quarter. Finally, Highbridge Capital Management LLC boosted its stake in shares of Nabors Industries by 26.9% in the third quarter. Highbridge Capital Management LLC now owns 491,795 shares of the oil and gas company’s stock valued at $20,100,000 after buying an additional 104,219 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.