Nabors Industries (NYSE:NBR) Trading Up 4%

Nabors Industries Ltd. (NYSE:NBR)’s stock price traded up 4% on Monday . The company traded as high as $70.13 and last traded at $70.04. 22,685 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 262,058 shares. The stock had previously closed at $67.32.

Analyst Ratings Changes

Several analysts have issued reports on NBR shares. Citigroup downgraded Nabors Industries from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $110.00 to $75.00 in a report on Friday, September 13th. Royal Bank of Canada reissued a “sector perform” rating and set a $114.00 target price on shares of Nabors Industries in a research note on Thursday, July 25th. Six research 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, the company has a consensus rating of “Hold” and a consensus price target of $104.50.

Nabors Industries Stock Up 3.7 %

The company has a debt-to-equity ratio of 5.01, a quick ratio of 1.57 and a current ratio of 1.82. The company has a market cap of $746.89 million, a price-to-earnings ratio of -5.05 and a beta of 2.12. The business’s 50 day simple moving average is $79.42 and its 200-day simple moving average is $77.43.

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 firm had revenue of $742.98 million during the quarter, compared to analyst estimates of $737.91 million. Nabors Industries had a negative return on equity of 28.10% and a negative net margin of 4.73%. The business’s revenue for the quarter was down 4.6% on a year-over-year basis. During the same period in the previous year, the company earned ($2.26) earnings per share. Sell-side analysts expect that Nabors Industries Ltd. will post -11.98 earnings per share for the current year.

Hedge Funds Weigh In On Nabors Industries

Several hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. boosted its position in Nabors Industries by 111.6% during the fourth 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 period. Apollo Management Holdings L.P. bought a new stake in shares of Nabors Industries during the 4th quarter worth $16,620,000. Gendell Jeffrey L raised its holdings in Nabors Industries by 10.1% in the 1st quarter. Gendell Jeffrey L now owns 436,442 shares of the oil and gas company’s stock worth $37,591,000 after acquiring an additional 40,141 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 worth $70,550,000 after acquiring an additional 40,078 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Nabors Industries by 42.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 115,084 shares of the oil and gas company’s stock worth $8,189,000 after acquiring an additional 34,473 shares during the last quarter. 81.92% of the stock is owned by institutional investors and hedge funds.

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.