Nabors Industries Ltd. (NYSE:NBR) Given Average Recommendation of “Reduce” by Analysts

Nabors Industries Ltd. (NYSE:NBR) has been assigned an average recommendation of “Reduce” from the nine ratings firms that are covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $44.00.

A number of analysts have weighed in on NBR shares. Royal Bank Of Canada increased their target price on shares of Nabors Industries from $45.00 to $47.00 and gave the company a “sector perform” rating in a research report on Thursday, August 21st. Piper Sandler reiterated an “underweight” rating and set a $32.00 price objective (up from $30.00) on shares of Nabors Industries in a research report on Thursday, August 14th. Weiss Ratings restated a “sell (e+)” rating on shares of Nabors Industries in a report on Saturday, September 27th. Barclays reiterated an “underweight” rating and set a $36.00 price target (up from $29.00) on shares of Nabors Industries in a report on Monday, September 22nd. Finally, Susquehanna boosted their price objective on Nabors Industries from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, August 27th.

Insider Transactions at Nabors Industries

In other Nabors Industries news, major shareholder Varde Partners Inc sold 312,378 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $41.04, for a total transaction of $12,819,993.12. Following the transaction, the insider directly owned 1,406,052 shares in the company, valued at approximately $57,704,374.08. This represents a 18.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 7.29% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of NBR. Nebula Research & Development LLC boosted its stake in Nabors Industries by 2.5% during the second quarter. Nebula Research & Development LLC now owns 17,697 shares of the oil and gas company’s stock worth $496,000 after acquiring an additional 428 shares in the last quarter. State of Wyoming raised its holdings in shares of Nabors Industries by 20.5% during the first quarter. State of Wyoming now owns 2,941 shares of the oil and gas company’s stock valued at $123,000 after purchasing an additional 500 shares during the period. Ameritas Investment Partners Inc. boosted its position in shares of Nabors Industries by 58.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,444 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 533 shares in the last quarter. Dynamic Technology Lab Private Ltd grew its stake in shares of Nabors Industries by 11.5% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 5,540 shares of the oil and gas company’s stock valued at $231,000 after buying an additional 570 shares during the period. Finally, Public Employees Retirement System of Ohio bought a new stake in Nabors Industries in the 4th quarter valued at about $36,000. Institutional investors and hedge funds own 81.92% of the company’s stock.

Nabors Industries Stock Up 4.4%

Shares of NYSE:NBR opened at $44.68 on Thursday. The firm has a market cap of $703.26 million, a P/E ratio of -3.18 and a beta of 1.46. Nabors Industries has a 12-month low of $23.27 and a 12-month high of $86.10. The business has a fifty day simple moving average of $37.41 and a 200 day simple moving average of $33.36. The company has a quick ratio of 1.63, a current ratio of 1.79 and a debt-to-equity ratio of 4.17.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings results on Tuesday, July 29th. The oil and gas company reported ($2.71) earnings per share for the quarter, missing the consensus estimate of ($2.05) by ($0.66). The company had revenue of $832.79 million during the quarter, compared to analyst estimates of $857.98 million. Nabors Industries had a negative net margin of 3.51% and a negative return on equity of 35.99%. The company’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the company posted ($4.29) EPS. Analysts predict that Nabors Industries will post -6.22 earnings per share for the current year.

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.