Nabors Industries (NYSE:NBR) Stock Moved Up to “Hold” by Wall Street Zen

Wall Street Zen upgraded shares of Nabors Industries (NYSE:NBR) from a sell rating to a hold rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

Other research analysts have also recently issued research reports about the company. Susquehanna reaffirmed a “neutral” rating and set a $91.00 target price (up from $85.00) on shares of Nabors Industries in a research note on Monday, October 5th. Zacks Research lowered Nabors Industries from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Morgan Stanley set a $110.00 price objective on Nabors Industries in a report on Thursday, August 20th. Citigroup cut their price objective on Nabors Industries from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, Weiss Ratings upgraded Nabors Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 13th. Two research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Nabors Industries presently has a consensus rating of “Hold” and an average target price of $104.14.

Nabors Industries Stock Performance

Shares of NYSE:NBR opened at $73.35 on Friday. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -15.77 and a beta of 1.09. Nabors Industries has a 12 month low of $44.04 and a 12 month high of $112.90. The firm’s 50-day moving average is $83.65 and its 200 day moving average is $84.54. The company has a current ratio of 1.77, a quick ratio of 1.75 and a debt-to-equity ratio of 2.04.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($1.10). The firm had revenue of $872.19 million during the quarter, compared to the consensus estimate of $859.20 million. Nabors Industries had a negative return on equity of 3.98% and a negative net margin of 1.17%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the business earned $16.85 EPS. Research analysts predict that Nabors Industries will post -3.87 EPS for the current year.

Insider Activity at Nabors Industries

In other news, Director David Tudor sold 3,200 shares of Nabors Industries stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $92.30, for a total transaction of $295,360.00. Following the completion of the sale, the director owned 5,264 shares of the company’s stock, valued at approximately $485,867.20. The trade was a 37.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 5.32% of the company’s stock.

Hedge Funds Weigh In On Nabors Industries

Several institutional investors have recently made changes to their positions in the company. Engineers Gate Manager LP lifted its stake in Nabors Industries by 1,518.1% during the 2nd quarter. Engineers Gate Manager LP now owns 414,599 shares of the oil and gas company’s stock valued at $34,830,000 after acquiring an additional 388,976 shares during the period. Dimensional Fund Advisors LP lifted its position in Nabors Industries by 42.1% during the first quarter. Dimensional Fund Advisors LP now owns 447,833 shares of the oil and gas company’s stock valued at $38,545,000 after purchasing an additional 132,747 shares during the period. Bank of America Corp DE boosted its holdings in Nabors Industries by 191.8% in the first quarter. Bank of America Corp DE now owns 151,922 shares of the oil and gas company’s stock valued at $13,074,000 after purchasing an additional 99,852 shares during the last quarter. Hosking Partners LLP purchased a new stake in Nabors Industries in the third quarter valued at $2,970,000. Finally, Arlington Capital Management Inc. purchased a new stake in Nabors Industries in the second quarter valued at $3,144,000. Hedge funds and other institutional investors own 81.92% of the company’s stock.

Nabors Industries Company Profile

Nabors Industries Ltd. is a global provider of drilling and well-construction services to the oil and gas industry. The company operates land-based drilling rigs and offshore drilling units, serving exploration and production companies developing conventional and unconventional oil and natural gas resources.

Its services and products include contract drilling, directional drilling, measurement-while-drilling and logging-while-drilling technologies, wellbore placement, and drilling-related equipment.