Nabors Industries Ltd. (NYSE:NBR) Receives Average Recommendation of “Hold” from Analysts

Shares of Nabors Industries Ltd. (NYSE:NBR) have been assigned an average recommendation of “Hold” from the eight research firms that are covering the stock, Marketbeat.com reports. Six investment analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $102.5714.

A number of equities research analysts have issued reports on the stock. Barclays set a $93.00 target price on shares of Nabors Industries and gave the company an “equal weight” rating in a report on Wednesday, August 5th. Piper Sandler reiterated an “overweight” rating and issued a $130.00 price target (up from $120.00) on shares of Nabors Industries in a research report on Thursday, July 30th. Zacks Research lowered Nabors Industries from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Susquehanna decreased their price objective on Nabors Industries from $105.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 8th. Finally, Morgan Stanley set a $110.00 price objective on Nabors Industries in a report on Thursday, August 20th.

Nabors Industries Stock Down 1.8%

Shares of NYSE NBR opened at $83.72 on Thursday. The company has a debt-to-equity ratio of 2.24, a current ratio of 1.89 and a quick ratio of 1.75. The stock has a market capitalization of $1.34 billion, a PE ratio of 6.23 and a beta of 1.00. Nabors Industries has a one year low of $36.62 and a one year high of $112.90. The business’s fifty day moving average price is $87.36 and its 200-day moving average price is $88.38.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings data on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share for the quarter. Nabors Industries had a negative return on equity of 7.06% and a net margin of 7.64%.The firm had revenue of $814.79 million during the quarter. On average, equities research analysts anticipate that Nabors Industries will post -3.65 EPS for the current year.

Insider Buying and Selling at Nabors Industries

In other news, Director David Tudor sold 3,200 shares of the company’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $92.30, for a total transaction of $295,360.00. Following the sale, the director directly owned 5,264 shares in the company, valued at $485,867.20. This represents a 37.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 5.32% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nabors Industries

Several hedge funds have recently bought and sold shares of the company. Arlington Capital Management Inc. bought a new stake in Nabors Industries during the 2nd quarter worth approximately $3,144,000. Engineers Gate Manager LP grew its position in shares of 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 purchasing an additional 388,976 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Nabors Industries in the second quarter worth $106,000. IFP Advisors Inc raised its position in shares of Nabors Industries by 106.6% in the second quarter. IFP Advisors Inc now owns 436 shares of the oil and gas company’s stock worth $37,000 after buying an additional 225 shares in the last quarter. Finally, Squarepoint Ops LLC raised its position in shares of Nabors Industries by 273.7% in the second quarter. Squarepoint Ops LLC now owns 9,342 shares of the oil and gas company’s stock worth $785,000 after buying an additional 6,842 shares in the last quarter. Hedge funds and other institutional investors own 81.92% of the company’s stock.

Nabors Industries Company Profile

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land-based and offshore drilling services to exploration and production companies. The company operates a fleet of land drilling rigs, offshore platform rigs and other specialized drilling equipment, supporting customers throughout the well-construction process.

In addition to contract drilling, Nabors provides directional drilling, measurement-while-drilling, drilling optimization and other wellbore services.