Nabors Industries (NYSE:NBR) Trading Up 6.2%

Nabors Industries Ltd. (NYSE:NBR)’s stock price traded up 6.2% during trading on Tuesday . The stock traded as high as $68.32 and last traded at $68.09. Approximately 166,067 shares traded hands during trading, a decline of 36% from the average daily volume of 260,332 shares. The stock had previously closed at $64.13.

Wall Street Analyst Weigh In

NBR has been the topic of a number of recent research reports. Citigroup lowered shares of Nabors Industries from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $110.00 to $75.00 in a research report on Friday, September 13th. Royal Bank of Canada restated a “sector perform” rating and set a $114.00 target price on shares of Nabors Industries in a report on Thursday, July 25th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $104.50.

Nabors Industries Stock Up 3.7 %

The business’s 50 day simple moving average is $79.73 and its 200 day simple moving average is $77.64. 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 company has a market capitalization of $734.80 million, a PE ratio of -4.88 and a beta of 2.12.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. boosted its position in shares of Nabors Industries by 8.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 181,613 shares of the oil and gas company’s stock worth $14,825,000 after buying an additional 13,980 shares during the period. Dimensional Fund Advisors LP boosted its holdings in 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 valued at $24,102,000 after acquiring an additional 13,324 shares during the period. Quadrant Capital Group LLC grew its position in Nabors Industries by 202.4% in the 4th quarter. Quadrant Capital Group LLC now owns 750 shares of the oil and gas company’s stock valued at $61,000 after acquiring an additional 502 shares in the last quarter. Trexquant Investment LP grew its position in Nabors Industries by 280.7% in the 4th quarter. Trexquant Investment LP now owns 14,087 shares of the oil and gas company’s stock valued at $1,150,000 after acquiring an additional 10,387 shares in the last quarter. Finally, Contrarius Investment Management Ltd increased its stake in Nabors Industries by 23.5% during the fourth quarter. Contrarius Investment Management Ltd now owns 140,626 shares of the oil and gas company’s stock worth $11,479,000 after purchasing an additional 26,730 shares during the period. Hedge funds and other institutional investors own 81.92% of the company’s stock.

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.