Nabors Industries (NYSE:NBR) Reaches New 1-Year High – What’s Next?

Nabors Industries Ltd. (NYSE:NBR) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $78.26 and last traded at $79.1410, with a volume of 353017 shares trading hands. The stock had previously closed at $76.61.

Wall Street Analyst Weigh In

Several research analysts recently commented on NBR shares. Citigroup raised their price objective on shares of Nabors Industries from $58.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, January 6th. Susquehanna restated a “neutral” rating and set a $70.00 target price (up previously from $64.00) on shares of Nabors Industries in a research report on Friday, February 13th. Barclays set a $50.00 price target on Nabors Industries and gave the company a “neutral” rating in a research report on Wednesday, December 17th. Royal Bank Of Canada reissued a “sector perform” rating and set a $77.00 price objective (up previously from $70.00) on shares of Nabors Industries in a report on Friday, February 13th. Finally, Morgan Stanley restated an “overweight” rating and issued a $80.00 target price on shares of Nabors Industries in a research note on Wednesday, January 21st. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $64.00.

Nabors Industries Price Performance

The business has a 50 day simple moving average of $62.27 and a two-hundred day simple moving average of $50.13. The firm has a market capitalization of $1.14 billion, a P/E ratio of 4.71 and a beta of 0.99. The company has a debt-to-equity ratio of 2.22, a quick ratio of 1.47 and a current ratio of 1.56.

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 for the quarter, topping the consensus estimate of ($2.93) by $3.10. The company had revenue of $805.13 million for the quarter, compared to analysts’ expectations of $795.82 million. Nabors Industries had a net margin of 8.92% and a negative return on equity of 17.63%. Nabors Industries’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($6.67) earnings per share. On average, sell-side analysts expect that Nabors Industries Ltd. will post -6.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its position in Nabors Industries by 97.1% during the first quarter. AQR Capital Management LLC now owns 16,770 shares of the oil and gas company’s stock valued at $699,000 after purchasing an additional 8,260 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its position in shares of Nabors Industries by 11.5% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 5,540 shares of the oil and gas company’s stock valued at $231,000 after purchasing an additional 570 shares during the last quarter. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Nabors Industries during the 2nd quarter valued at about $203,000. Ethic Inc. bought a new stake in Nabors Industries in the 2nd quarter worth approximately $220,000. Finally, MQS Management LLC purchased a new stake in Nabors Industries in the second quarter worth approximately $262,000. 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.