Nabors Industries (NYSE:NBR) Stock Price Expected to Rise, Piper Sandler Analyst Says

Nabors Industries (NYSE:NBR) had its target price increased by analysts at Piper Sandler from $130.00 to $145.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas company’s stock. Piper Sandler‘s price objective indicates a potential upside of 71.53% from the company’s current price.

Other equities analysts also recently issued reports about the company. Wall Street Zen downgraded Nabors Industries from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Weiss Ratings raised Nabors Industries from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 13th. Morgan Stanley set a $110.00 price objective on Nabors Industries in a research note on Thursday, August 20th. Susquehanna reaffirmed a “neutral” rating and issued a $91.00 target price (up from $85.00) on shares of Nabors Industries in a research report on Monday, October 5th. Finally, Barclays set a $93.00 target price on Nabors Industries and gave the company an “equal weight” rating in a research note on Wednesday, August 5th. Two research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Nabors Industries has an average rating of “Hold” and a consensus target price of $105.57.

Nabors Industries Price Performance

Shares of NYSE NBR opened at $84.53 on Tuesday. Nabors Industries has a twelve month low of $44.04 and a twelve month high of $112.90. The company has a current ratio of 1.77, a quick ratio of 1.75 and a debt-to-equity ratio of 2.04. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of -18.18 and a beta of 1.11. The business has a 50 day simple moving average of $84.71 and a 200-day simple moving average of $84.28.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Tuesday, October 27th. The oil and gas company reported ($1.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($1.10). The business had revenue of $872.19 million during the quarter, compared to analyst estimates of $859.20 million. Nabors Industries had a negative return on equity of 3.98% and a negative net margin of 1.17%. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $16.85 EPS. As a group, equities research analysts expect that Nabors Industries will post -3.54 earnings per share for the current year.

Insider Buying and Selling at Nabors Industries

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

Institutional Investors Weigh In On Nabors Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arlington Capital Management INC lifted its holdings in shares of Nabors Industries by 3.0% in the third quarter. Arlington Capital Management INC now owns 38,557 shares of the oil and gas company’s stock valued at $3,012,000 after purchasing an additional 1,128 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Nabors Industries in the 3rd quarter valued at $492,000. Vise Technologies Inc. grew its position in Nabors Industries by 7.3% during the third quarter. Vise Technologies Inc. now owns 8,996 shares of the oil and gas company’s stock worth $703,000 after buying an additional 610 shares in the last quarter. State of Wyoming bought a new stake in shares of Nabors Industries during the third quarter valued at approximately $41,000. Finally, Hosking Partners LLP acquired a new position in shares of Nabors Industries in the 3rd quarter valued at $2,970,000. Institutional investors own 81.92% of the company’s stock.

About Nabors Industries

Nabors Industries Ltd. is a global provider of drilling and well-construction services to the oil and gas industry. The company operates land-based drilling rigs and offshore drilling units, serving exploration and production companies developing conventional and unconventional oil and natural gas resources.

Its services and products include contract drilling, directional drilling, measurement-while-drilling and logging-while-drilling technologies, wellbore placement, and drilling-related equipment.