Nabors Industries (NYSE:NBR) Stock Rating Reaffirmed by Royal Bank of Canada

Nabors Industries (NYSE:NBR)‘s stock had its “sector perform” rating restated by equities research analysts at Royal Bank of Canada in a note issued to investors on Wednesday, Benzinga reports. They presently have a $102.00 price objective on the oil and gas company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 37.17% from the company’s current price.

Separately, Citigroup lowered shares of Nabors Industries from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $110.00 to $75.00 in a research note on Friday, September 13th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Nabors Industries presently has a consensus rating of “Hold” and a consensus price target of $98.80.

Nabors Industries Stock Down 1.4 %

Shares of Nabors Industries stock opened at $74.36 on Wednesday. Nabors Industries has a twelve month low of $59.67 and a twelve month high of $127.56. The stock has a market cap of $795.80 million, a price-to-earnings ratio of -5.38 and a beta of 2.11. The company has a current ratio of 1.82, a quick ratio of 1.57 and a debt-to-equity ratio of 5.01. The company has a fifty day moving average price of $73.82 and a 200 day moving average price of $75.74.

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). The company had revenue of $742.98 million during the quarter, compared to analysts’ expectations of $737.91 million. Nabors Industries had a negative return on equity of 28.10% and a negative net margin of 4.73%. Nabors Industries’s quarterly revenue was down 4.6% on a year-over-year basis. During the same period in the previous year, the company earned ($2.26) EPS. Equities research analysts forecast that Nabors Industries will post -12.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

Several institutional investors and hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company increased its stake in shares of Nabors Industries by 5.3% in the second quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock worth $254,000 after buying an additional 181 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Nabors Industries by 29.1% in 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 last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Nabors Industries by 6.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,471 shares of the oil and gas company’s stock valued at $558,000 after purchasing an additional 399 shares in the last quarter. Swiss National Bank lifted its position in shares of Nabors Industries by 3.4% during the first quarter. Swiss National Bank now owns 18,500 shares of the oil and gas company’s stock worth $1,593,000 after purchasing an additional 600 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in Nabors Industries by 14.5% in the second quarter. AQR Capital Management LLC now owns 4,753 shares of the oil and gas company’s stock worth $338,000 after purchasing an additional 601 shares in the last quarter. 81.92% of the stock is currently owned by hedge funds and other institutional investors.

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.