Nabors Industries (NYSE:NBR) Rating Lowered to “Hold” at Zacks Research

Nabors Industries (NYSE:NBR) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other equities analysts have also recently weighed in on the company. Susquehanna decreased their price target on Nabors Industries from $105.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, July 8th. Royal Bank Of Canada upped their target price on shares of Nabors Industries from $91.00 to $120.00 and gave the company a “sector perform” rating in a research note on Thursday, April 30th. Barclays set a $93.00 price target on shares of Nabors Industries and gave the stock an “equal weight” rating in a research note on Wednesday, August 5th. Piper Sandler reissued an “overweight” rating and issued a $130.00 price objective (up from $120.00) on shares of Nabors Industries in a research report on Thursday, July 30th. Finally, Wall Street Zen lowered Nabors Industries from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Two equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $101.14.

Nabors Industries Stock Performance

NYSE:NBR opened at $94.00 on Thursday. The firm’s fifty day simple moving average is $85.46 and its 200 day simple moving average is $84.80. The company has a current ratio of 1.89, a quick ratio of 1.75 and a debt-to-equity ratio of 2.24. Nabors Industries has a twelve month low of $31.10 and a twelve month high of $112.90. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of 6.99 and a beta of 0.98.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Tuesday, June 30th. The oil and gas company reported ($2.04) EPS for the quarter. Nabors Industries had a negative return on equity of 7.06% and a net margin of 7.64%.The company had revenue of $814.79 million for the quarter. As a group, equities research analysts expect that Nabors Industries will post -2.96 earnings per share for the current fiscal year.

Institutional Trading of Nabors Industries

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Islay Capital Management LLC acquired a new position in shares of Nabors Industries during the fourth quarter valued at approximately $26,000. Quarry LP bought a new position in Nabors Industries during the 4th quarter valued at $33,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Nabors Industries during the 4th quarter valued at $40,000. EverSource Wealth Advisors LLC raised its stake in shares of Nabors Industries by 29.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 622 shares of the oil and gas company’s stock worth $54,000 after buying an additional 141 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of Nabors Industries by 23.0% in the third quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company’s stock valued at $63,000 after buying an additional 289 shares during the period. 81.92% of the stock is currently owned by institutional investors.

About Nabors Industries

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company’s operations span two core segments: drilling and evaluation, which includes land?based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors’ integrated model combines rig operations with engineered products and field support, positioning it as a full?service provider in the upstream sector.

The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.