Nabors Industries (NYSE:NBR) Reaches New 52-Week High Following Earnings Beat

Nabors Industries Ltd. (NYSE:NBR) shares reached a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $92.90 and last traded at $93.06, with a volume of 71976 shares trading hands. The stock had previously closed at $90.70.

The oil and gas company reported ($1.54) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.25) by $0.71. Nabors Industries had a net margin of 7.32% and a negative return on equity of 8.66%. The business had revenue of $783.55 million for the quarter, compared to analysts’ expectations of $772.38 million. During the same period in the prior year, the company posted $2.18 EPS. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year.

Wall Street Analyst Weigh In

NBR has been the topic of several recent analyst reports. Wall Street Zen cut shares of Nabors Industries from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. Piper Sandler increased their target price on shares of Nabors Industries from $84.00 to $120.00 and gave the stock an “overweight” rating in a research note on Thursday. Royal Bank Of Canada increased their target price on shares of Nabors Industries from $91.00 to $120.00 and gave the stock a “sector perform” rating in a research note on Thursday. Morgan Stanley reiterated an “overweight” rating and issued a $100.00 target price (up from $80.00) on shares of Nabors Industries in a research note on Wednesday, April 15th. Finally, UBS Group set a $70.00 target price on shares of Nabors Industries in a research note on Friday, February 13th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $86.75.

Institutional Trading of Nabors Industries

Several institutional investors and hedge funds have recently made changes to their positions in NBR. AQR Capital Management LLC raised its position in shares of Nabors Industries by 97.1% during the 1st quarter. AQR Capital Management LLC now owns 16,770 shares of the oil and gas company’s stock valued at $699,000 after buying an additional 8,260 shares in the last quarter. Dynamic Technology Lab Private Ltd raised 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 buying an additional 570 shares in the last quarter. Cetera Investment Advisers raised its position in shares of Nabors Industries by 19.1% during the 2nd quarter. Cetera Investment Advisers now owns 8,570 shares of the oil and gas company’s stock valued at $240,000 after buying an additional 1,374 shares in the last quarter. Rhumbline Advisers raised its position in shares of Nabors Industries by 37.0% during the 2nd quarter. Rhumbline Advisers now owns 28,864 shares of the oil and gas company’s stock valued at $809,000 after buying an additional 7,799 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Nabors Industries by 3.3% during the 2nd quarter. Invesco Ltd. now owns 55,830 shares of the oil and gas company’s stock valued at $1,564,000 after purchasing an additional 1,764 shares during the last quarter. Hedge funds and other institutional investors own 81.92% of the company’s stock.

Nabors Industries Stock Performance

The company has a current ratio of 1.97, a quick ratio of 1.47 and a debt-to-equity ratio of 2.22. The company’s fifty day moving average is $82.61 and its 200 day moving average is $65.05. The company has a market cap of $1.63 billion, a P/E ratio of 8.02 and a beta of 0.87.

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.