Nabors Industries (NYSE:NBR) had its price target cut by equities research analysts at Morgan Stanley from $6.00 to $5.00 in a research note issued on Friday, BenzingaRatingsTable reports. The brokerage currently has an “overweight” rating on the oil and gas company’s stock. Morgan Stanley’s price objective suggests a potential upside of 104.08% from the stock’s previous close.

NBR has been the topic of several other reports. AltaCorp Capital restated a “sector perform” rating on shares of STEP Energy Services in a report on Thursday, June 20th. Citigroup restated a “buy” rating and set a $25.00 price objective on shares of Propetro in a report on Tuesday, July 2nd. Finally, ValuEngine downgraded Zosano Pharma from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $6.42.

NBR opened at $2.45 on Friday. The business’s fifty day moving average price is $2.50. The stock has a market cap of $965.99 million, a P/E ratio of -1.94 and a beta of 2.50. Nabors Industries has a 52 week low of $1.81 and a 52 week high of $6.85. The company has a debt-to-equity ratio of 1.39, a current ratio of 2.11 and a quick ratio of 1.89.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Tuesday, April 30th. The oil and gas company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.11). The firm had revenue of $809.31 million for the quarter, compared to analysts’ expectations of $774.35 million. Nabors Industries had a negative return on equity of 14.79% and a negative net margin of 19.68%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.46) earnings per share. Equities analysts anticipate that Nabors Industries will post -0.91 EPS for the current year.

In other Nabors Industries news, CFO William J. Restrepo acquired 177,100 shares of the stock in a transaction dated Friday, June 14th. The stock was purchased at an average price of $2.03 per share, with a total value of $359,513.00. Following the transaction, the chief financial officer now directly owns 2,136,255 shares of the company’s stock, valued at $4,336,597.65. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 4.02% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Nabors Industries in the 4th quarter worth $25,000. Versant Capital Management Inc boosted its position in shares of Nabors Industries by 921.4% in the 1st quarter. Versant Capital Management Inc now owns 7,579 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 6,837 shares in the last quarter. WINTON GROUP Ltd acquired a new stake in shares of Nabors Industries in the 2nd quarter worth $36,000. Traynor Capital Management Inc. acquired a new stake in shares of Nabors Industries in the 1st quarter worth $39,000. Finally, Fiera Capital Corp acquired a new stake in shares of Nabors Industries in the 1st quarter worth $39,000. 80.91% of the stock is owned by hedge funds and other institutional investors.

Nabors Industries Company Profile

Nabors Industries Ltd. provides drilling and drilling-related services and technologies for land-based and offshore oil and natural gas wells. It operates through five segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions, and Rig Technologies. The company offers equipment manufacturing, rig instrumentation, optimization software, and directional drilling services.

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Analyst Recommendations for Nabors Industries (NYSE:NBR)

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