Analysts Issue Forecasts for Nabors Industries Ltd.’s Q3 2024 Earnings (NYSE:NBR)

Nabors Industries Ltd. (NYSE:NBR) – Research analysts at Zacks Research dropped their Q3 2024 earnings per share estimates for shares of Nabors Industries in a report issued on Wednesday, August 28th. Zacks Research analyst R. Department now forecasts that the oil and gas company will earn ($1.46) per share for the quarter, down from their previous estimate of ($1.36). The consensus estimate for Nabors Industries’ current full-year earnings is ($11.98) per share. Zacks Research also issued estimates for Nabors Industries’ Q4 2024 earnings at ($2.33) EPS, FY2024 earnings at ($13.24) EPS, Q1 2025 earnings at ($1.10) EPS, Q4 2025 earnings at $1.46 EPS and Q2 2026 earnings at $2.58 EPS.

A number of other analysts also recently commented on NBR. Royal Bank of Canada restated a “sector perform” rating and issued a $114.00 target price on shares of Nabors Industries in a research note on Thursday, July 25th. Citigroup reduced their target price on shares of Nabors Industries from $95.00 to $91.00 and set a “buy” rating for the company in a research report on Wednesday, July 10th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Nabors Industries has an average rating of “Hold” and an average price target of $108.50.

Nabors Industries Trading Down 5.4 %

Nabors Industries stock opened at $75.37 on Monday. Nabors Industries has a 52 week low of $59.90 and a 52 week high of $141.47. The company has a quick ratio of 1.57, a current ratio of 1.82 and a debt-to-equity ratio of 5.01. The company has a market capitalization of $719.78 million, a price-to-earnings ratio of -5.46 and a beta of 2.22. The stock has a 50-day moving average price of $80.60 and a 200 day moving average price of $78.89.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Tuesday, July 23rd. The oil and gas company reported ($4.29) EPS for the quarter, missing the consensus estimate of ($1.77) by ($2.52). Nabors Industries had a negative net margin of 4.73% and a negative return on equity of 28.10%. The company had revenue of $742.98 million during the quarter, compared to analysts’ expectations of $737.91 million. During the same period in the previous year, the business earned ($2.26) earnings per share. The business’s revenue for the quarter was down 4.6% compared to the same quarter last year.

Hedge Funds Weigh In On Nabors Industries

Several large investors have recently made changes to their positions in NBR. Quadrant Capital Group LLC grew its holdings in shares of Nabors Industries by 202.4% in the fourth quarter. Quadrant Capital Group LLC now owns 750 shares of the oil and gas company’s stock valued at $61,000 after purchasing an additional 502 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Nabors Industries by 2,022.2% during the 1st quarter. Russell Investments Group Ltd. now owns 764 shares of the oil and gas company’s stock worth $67,000 after buying an additional 728 shares during the last quarter. Stonehage Fleming Financial Services Holdings Ltd purchased a new stake in Nabors Industries in the 4th quarter valued at $80,000. GAMMA Investing LLC boosted its stake in Nabors Industries by 29.1% during the 1st quarter. GAMMA Investing LLC now owns 1,474 shares of the oil and gas company’s stock worth $127,000 after purchasing an additional 332 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in shares of Nabors Industries in the second quarter valued at about $159,000. 81.92% of the stock is currently 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.