Nabors Industries (NYSE:NBR) Shares Pass Above Two Hundred Day Moving Average – What’s Next?

Nabors Industries Ltd. (NYSE:NBR) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $68.70 and traded as high as $104.98. Nabors Industries shares last traded at $103.5090, with a volume of 237,483 shares trading hands.

Analyst Ratings Changes

NBR has been the subject of a number of recent research reports. Piper Sandler boosted their target price on Nabors Industries from $84.00 to $120.00 and gave the company an “overweight” rating in a research note on Thursday, April 30th. Weiss Ratings downgraded shares of Nabors Industries from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, May 4th. Wall Street Zen cut shares of Nabors Industries from a “buy” rating to a “hold” rating in a research note on Saturday, February 21st. Citigroup boosted their target price on shares of Nabors Industries from $89.00 to $110.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Finally, Royal Bank Of Canada boosted their price objective on shares of Nabors Industries from $91.00 to $120.00 and gave the company a “sector perform” rating in a research report on Thursday, April 30th. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $93.63.

Nabors Industries Stock Up 2.1%

The company has a debt-to-equity ratio of 2.22, a current ratio of 1.97 and a quick ratio of 1.82. The company has a 50-day moving average price of $86.31 and a 200 day moving average price of $68.70. The firm has a market capitalization of $1.53 billion, a PE ratio of 8.11 and a beta of 1.01.

Nabors Industries (NYSE:NBR) last issued its earnings results on Tuesday, April 28th. The oil and gas company reported ($1.54) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.49) by $0.95. The company had revenue of $783.55 million for the quarter, compared to the consensus estimate of $769.33 million. Nabors Industries had a negative return on equity of 8.66% and a net margin of 7.32%.The firm’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the company earned $2.18 EPS. Analysts forecast that Nabors Industries Ltd. will post -4.6 earnings per share for the current year.

Institutional Trading of Nabors Industries

Several hedge funds have recently modified their holdings of NBR. American Century Companies Inc. raised its stake in Nabors Industries by 10.3% during the third quarter. American Century Companies Inc. now owns 354,901 shares of the oil and gas company’s stock valued at $14,505,000 after purchasing an additional 33,101 shares in the last quarter. Highbridge Capital Management LLC grew its stake in shares of Nabors Industries by 26.9% during 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 during the last quarter. Allianz Asset Management GmbH purchased a new stake in Nabors Industries in the third quarter worth $1,063,000. Cibc World Market Inc. lifted its holdings in Nabors Industries by 10.6% during the 3rd quarter. Cibc World Market Inc. now owns 489,507 shares of the oil and gas company’s stock valued at $20,006,000 after buying an additional 46,802 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Nabors Industries by 77.6% during the third quarter. JPMorgan Chase & Co. now owns 67,313 shares of the oil and gas company’s stock valued at $2,751,000 after acquiring an additional 29,408 shares in the last quarter. 81.92% of the stock is 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.