Nabors Industries (NYSE:NBR) Stock Rating Lowered by Zacks Research

Nabors Industries (NYSE:NBR) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.

Several other equities research analysts have also recently issued reports on NBR. Wall Street Zen cut shares of Nabors Industries from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Piper Sandler restated an “overweight” rating and set a $130.00 price target (up from $120.00) on shares of Nabors Industries in a research report on Thursday, July 30th. Royal Bank Of Canada upped 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 note on Thursday, April 30th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Nabors Industries in a report on Friday, July 31st. Finally, Susquehanna decreased their target price on shares of Nabors Industries from $105.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $101.14.

Nabors Industries Price Performance

Shares of Nabors Industries stock opened at $94.00 on Thursday. The stock has a market capitalization of $1.39 billion, a P/E ratio of 6.99 and a beta of 0.98. The business has a 50 day simple moving average of $85.46 and a two-hundred day simple moving average of $84.80. Nabors Industries has a 12 month low of $31.10 and a 12 month high of $112.90. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.89 and a quick ratio of 1.75.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings results on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share (EPS) for the quarter. Nabors Industries had a negative return on equity of 7.06% and a net margin of 7.64%.The firm had revenue of $814.79 million during the quarter. As a group, analysts predict that Nabors Industries will post -2.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

A number of institutional investors have recently bought and sold shares of NBR. Islay Capital Management LLC acquired a new position in Nabors Industries in the 4th quarter valued at about $26,000. Quarry LP purchased a new position in Nabors Industries in the fourth quarter worth approximately $33,000. Aster Capital Management DIFC Ltd purchased a new position in Nabors Industries in the fourth quarter worth approximately $40,000. EverSource Wealth Advisors LLC increased its stake in Nabors Industries by 29.3% during the first quarter. EverSource Wealth Advisors LLC now owns 622 shares of the oil and gas company’s stock worth $54,000 after acquiring an additional 141 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in Nabors Industries by 23.0% in the third quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company’s stock valued at $63,000 after purchasing an additional 289 shares during the period. 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.