Nabors Industries (NYSE:NBR) Given New $38.00 Price Target at Citigroup

Nabors Industries (NYSE:NBR) had its price target decreased by Citigroup from $50.00 to $38.00 in a research report released on Tuesday morning,Benzinga reports. Citigroup currently has a neutral rating on the oil and gas company’s stock.

NBR has been the subject of a number of other research reports. Royal Bank of Canada dropped their target price on Nabors Industries from $47.00 to $45.00 and set a “sector perform” rating for the company in a report on Thursday, May 1st. Barclays lowered their price objective on Nabors Industries from $90.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 19th. Morgan Stanley decreased their price target on Nabors Industries from $115.00 to $75.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Finally, Susquehanna decreased their target price on shares of Nabors Industries from $32.00 to $29.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $54.17.

Nabors Industries Trading Up 0.5%

NBR stock opened at $31.60 on Tuesday. The stock has a market cap of $303.49 million, a price-to-earnings ratio of -1.41 and a beta of 1.96. The company has a fifty day moving average price of $34.05 and a two-hundred day moving average price of $52.20. Nabors Industries has a one year low of $25.11 and a one year high of $105.96. The company has a debt-to-equity ratio of 5.95, a current ratio of 1.75 and a quick ratio of 1.52.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Tuesday, April 29th. The oil and gas company reported ($7.50) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.64) by ($4.86). The company had revenue of $742.78 million for the quarter, compared to analyst estimates of $706.49 million. Nabors Industries had a negative return on equity of 32.96% and a negative net margin of 5.93%. The company’s revenue was up .3% on a year-over-year basis. During the same quarter last year, the business earned ($4.54) earnings per share. Equities analysts anticipate that Nabors Industries will post -6.22 EPS for the current year.

Institutional Trading of Nabors Industries

Several hedge funds and other institutional investors have recently made changes to their positions in NBR. Barclays PLC grew its holdings in Nabors Industries by 60.8% during the 3rd quarter. Barclays PLC now owns 112,318 shares of the oil and gas company’s stock worth $7,241,000 after acquiring an additional 42,483 shares during the last quarter. Inspire Investing LLC increased its holdings in Nabors Industries by 8.8% in the fourth quarter. Inspire Investing LLC now owns 6,942 shares of the oil and gas company’s stock valued at $397,000 after purchasing an additional 563 shares during the period. R Squared Ltd bought a new position in Nabors Industries during the 4th quarter worth $70,000. Entropy Technologies LP lifted its holdings in Nabors Industries by 65.5% during the 4th quarter. Entropy Technologies LP now owns 15,394 shares of the oil and gas company’s stock worth $880,000 after buying an additional 6,095 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in Nabors Industries by 41.0% during the 4th quarter. Van ECK Associates Corp now owns 202,552 shares of the oil and gas company’s stock worth $11,580,000 after buying an additional 58,946 shares during the period. 81.92% of the stock is currently owned by institutional investors.

About Nabors Industries

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.