Nabors Industries (NYSE:NBR) Trading 7.6% Higher

Nabors Industries Ltd. (NYSE:NBR) shares shot up 7.6% on Monday . The stock traded as high as $67.18 and last traded at $66.63. 120,919 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 267,474 shares. The stock had previously closed at $61.95.

Analyst Ratings Changes

Several research firms recently weighed in on NBR. Citigroup lowered Nabors Industries from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $110.00 to $75.00 in a report on Friday, September 13th. Royal Bank of Canada restated a “sector perform” rating and issued a $114.00 target price on shares of Nabors Industries in a report on Thursday, July 25th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $104.50.

Nabors Industries Stock Up 4.3 %

The stock has a market capitalization of $691.24 million, a price-to-earnings ratio of -4.68 and a beta of 2.12. The firm has a 50 day simple moving average of $77.62 and a 200-day simple moving average of $76.80. The company has a debt-to-equity ratio of 5.01, a current ratio of 1.82 and a quick ratio of 1.57.

Nabors Industries (NYSE:NBR) last released its quarterly earnings results 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). Nabors Industries had a negative net margin of 4.73% and a negative return on equity of 28.10%. The firm had revenue of $742.98 million during the quarter, compared to analyst estimates of $737.91 million. During the same quarter last year, the firm earned ($2.26) earnings per share. Nabors Industries’s quarterly revenue was down 4.6% on a year-over-year basis. On average, sell-side analysts forecast that Nabors Industries Ltd. will post -12.47 EPS for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in shares of Nabors Industries by 5.1% in the first quarter. Vanguard Group Inc. now owns 819,113 shares of the oil and gas company’s stock valued at $70,550,000 after buying an additional 40,078 shares during the last quarter. Gendell Jeffrey L grew its holdings in Nabors Industries by 10.1% during 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 last quarter. Goldman Sachs Group Inc. grew its holdings in 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 acquiring an additional 209,450 shares during the last quarter. Apollo Management Holdings L.P. grew its holdings in Nabors Industries by 64.6% during the 1st quarter. Apollo Management Holdings L.P. now owns 335,091 shares of the oil and gas company’s stock worth $28,861,000 after acquiring an additional 131,490 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew 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 worth $24,102,000 after acquiring an additional 13,324 shares during the last quarter. 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.