Nabors Industries (NYSE:NBR) Price Target Raised to $60.00

Nabors Industries (NYSE:NBR) had its price objective upped by analysts at Citigroup from $58.00 to $60.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s target price indicates a potential downside of 0.06% from the stock’s current price.

A number of other research firms have also weighed in on NBR. Weiss Ratings restated a “hold (c-)” rating on shares of Nabors Industries in a report on Monday, December 29th. Susquehanna reissued a “neutral” rating and issued a $56.00 price objective on shares of Nabors Industries in a research report on Thursday, October 30th. Wall Street Zen downgraded shares of Nabors Industries from a “buy” rating to a “hold” rating in a research report on Monday, December 22nd. Piper Sandler raised Nabors Industries from an “underweight” rating to an “overweight” rating and lifted their price objective for the stock from $32.00 to $65.00 in a report on Thursday, December 18th. Finally, Morgan Stanley set a $65.00 target price on shares of Nabors Industries in a report on Monday, December 15th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $55.29.

Nabors Industries Stock Up 3.1%

NYSE NBR traded up $1.79 during mid-day trading on Tuesday, hitting $60.04. The company’s stock had a trading volume of 240,825 shares, compared to its average volume of 390,503. The firm has a market capitalization of $874.17 million, a price-to-earnings ratio of 6.22 and a beta of 0.94. The company’s 50 day simple moving average is $51.75 and its 200 day simple moving average is $41.83. The company has a current ratio of 2.09, a quick ratio of 1.93 and a debt-to-equity ratio of 2.50. Nabors Industries has a twelve month low of $23.27 and a twelve month high of $69.20.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Tuesday, October 28th. The oil and gas company reported ($3.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.37) by ($1.30). Nabors Industries had a net margin of 7.08% and a negative return on equity of 30.85%. The business had revenue of $825.51 million for the quarter, compared to analyst estimates of $824.61 million. During the same quarter in the prior year, the business earned ($6.86) earnings per share. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. Analysts anticipate that Nabors Industries will post -6.22 earnings per share for the current year.

Institutional Trading of Nabors Industries

Institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC raised its position in shares of Nabors Industries by 97.1% in the 1st quarter. AQR Capital Management LLC now owns 16,770 shares of the oil and gas company’s stock worth $699,000 after acquiring an additional 8,260 shares in the last quarter. Dynamic Technology Lab Private Ltd grew its stake in shares of Nabors Industries by 11.5% in the first quarter. Dynamic Technology Lab Private Ltd now owns 5,540 shares of the oil and gas company’s stock worth $231,000 after acquiring an additional 570 shares during the last quarter. Strs Ohio bought a new position in shares of Nabors Industries during the first quarter valued at $259,000. Invst LLC purchased a new position in shares of Nabors Industries in the 1st quarter worth about $721,000. Finally, Inspire Investing LLC boosted its stake in Nabors Industries by 19.3% in the 1st quarter. Inspire Investing LLC now owns 8,279 shares of the oil and gas company’s stock worth $345,000 after purchasing an additional 1,337 shares in the last quarter. 81.92% of the stock is currently owned by hedge funds and other 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.