Nabors Industries (NYSE:NBR) Stock Price Up 8.3% – Here’s Why

Nabors Industries Ltd. (NYSE:NBR) traded up 8.3% during mid-day trading on Tuesday . The stock traded as high as $49.99 and last traded at $50.4330. 263,593 shares changed hands during trading, a decline of 42% from the average session volume of 457,717 shares. The stock had previously closed at $46.55.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on NBR shares. Susquehanna reissued a “neutral” rating and set a $56.00 price target on shares of Nabors Industries in a research note on Thursday, October 30th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Nabors Industries in a research note on Monday. Piper Sandler reissued an “underweight” rating and issued a $32.00 price target (up previously from $30.00) on shares of Nabors Industries in a report on Thursday, August 14th. Wall Street Zen raised shares of Nabors Industries from a “hold” rating to a “buy” rating in a report on Sunday, November 16th. Finally, Royal Bank Of Canada set a $66.00 price target on shares of Nabors Industries and gave the stock a “sector perform” rating in a research report on Thursday, October 30th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $48.14.

Nabors Industries Stock Up 7.6%

The firm has a market capitalization of $729.58 million, a price-to-earnings ratio of 5.19 and a beta of 1.54. The company has a current ratio of 2.09, a quick ratio of 1.63 and a debt-to-equity ratio of 2.50. The firm has a 50 day moving average price of $44.62 and a two-hundred day moving average price of $36.87.

Nabors Industries (NYSE:NBR) last posted its earnings results on Tuesday, October 28th. The oil and gas company reported ($3.67) EPS for the quarter, missing analysts’ consensus estimates of ($2.37) by ($1.30). Nabors Industries had a negative return on equity of 30.85% and a net margin of 7.08%.The firm had revenue of $818.19 million for the quarter, compared to analyst estimates of $824.61 million. During the same period in the previous year, the firm posted ($6.86) earnings per share. The company’s revenue for the quarter was up 11.8% on a year-over-year basis. On average, equities analysts expect that Nabors Industries Ltd. will post -6.22 earnings per share for the current fiscal year.

Insider Transactions at Nabors Industries

In other news, major shareholder Varde Partners Inc sold 312,378 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $41.04, for a total transaction of $12,819,993.12. Following the completion of the transaction, the insider owned 1,406,052 shares in the company, valued at approximately $57,704,374.08. This represents a 18.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.41% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nabors Industries

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Brigade Capital Management LP acquired a new position in shares of Nabors Industries in the 1st quarter valued at $37,653,000. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Nabors Industries by 25.0% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 750,000 shares of the oil and gas company’s stock valued at $21,015,000 after buying an additional 150,000 shares during the last quarter. Apollo Management Holdings L.P. grew its position in Nabors Industries by 54.2% in the second quarter. Apollo Management Holdings L.P. now owns 650,623 shares of the oil and gas company’s stock worth $18,230,000 after acquiring an additional 228,787 shares in the last quarter. Highbridge Capital Management LLC increased its position in 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 worth $20,100,000 after buying an additional 104,219 shares during the last quarter. Finally, Cibc World Market Inc. raised its stake in shares of Nabors Industries by 10.6% in 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 acquiring an additional 46,802 shares in the last quarter. 81.92% of the stock is owned by institutional investors and hedge funds.

About Nabors Industries

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. The company operates through four segments: U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running services, including casing and tubing running, and torque monitoring; managed pressure drilling services; and drilling-bit steering systems and rig instrumentation software.