Citigroup Lowers Nabors Industries (NYSE:NBR) to Neutral

Citigroup lowered shares of Nabors Industries (NYSE:NBR) from a buy rating to a neutral rating in a research report report published on Friday morning, Marketbeat Ratings reports. The brokerage currently has $75.00 price objective on the oil and gas company’s stock, down from their prior price objective of $110.00.

Separately, Royal Bank of Canada reiterated a sector perform rating and set a $114.00 target price on shares of Nabors Industries in a research report on Thursday, July 25th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $104.50.

Nabors Industries Trading Down 3.8 %

Shares of NBR stock opened at $62.61 on Friday. Nabors Industries has a 1-year low of $59.90 and a 1-year high of $141.47. The company has a debt-to-equity ratio of 5.01, a current ratio of 1.82 and a quick ratio of 1.57. The business’s fifty day moving average price is $80.09 and its 200 day moving average price is $77.91. The firm has a market capitalization of $670.05 million, a PE ratio of -4.53 and a beta of 2.12.

Nabors Industries (NYSE:NBR) last issued its earnings results on Tuesday, July 23rd. The oil and gas company reported ($4.29) earnings per share for the quarter, missing the consensus estimate of ($1.77) by ($2.52). Nabors Industries had a negative return on equity of 28.10% and a negative net margin of 4.73%. The company had revenue of $742.98 million for the quarter, compared to analyst estimates of $737.91 million. During the same quarter in the previous year, the company posted ($2.26) earnings per share. The company’s quarterly revenue was down 4.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Nabors Industries will post -11.98 EPS for the current fiscal year.

Institutional Trading of Nabors Industries

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NBR. Goldman Sachs Group Inc. boosted its stake in shares of Nabors Industries by 111.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 397,102 shares of the oil and gas company’s stock worth $32,415,000 after purchasing an additional 209,450 shares during the last quarter. Elm Ridge Management LLC grew its stake in Nabors Industries by 17.6% in the 4th quarter. Elm Ridge Management LLC now owns 30,374 shares of the oil and gas company’s stock worth $2,479,000 after acquiring an additional 4,553 shares during the period. Vanguard Group Inc. raised its holdings in Nabors Industries by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 819,113 shares of the oil and gas company’s stock valued at $70,550,000 after acquiring an additional 40,078 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Nabors Industries by 4.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 295,256 shares of the oil and gas company’s stock worth $24,102,000 after purchasing an additional 13,324 shares during the period. Finally, Burney Co. acquired a new stake in shares of Nabors Industries during the first quarter worth $989,000. Hedge funds and other institutional investors own 81.92% of the company’s stock.

Nabors Industries Company Profile

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.