Nabors Industries (NYSE:NBR) Reaches New 52-Week Low Following Weak Earnings

Nabors Industries Ltd. (NYSE:NBR) shares hit a new 52-week low on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $44.00 and last traded at $46.97, with a volume of 508554 shares. The stock had previously closed at $53.49.

The oil and gas company reported ($6.67) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.86) by ($4.81). Nabors Industries had a negative net margin of 4.69% and a negative return on equity of 25.68%.

Analysts Set New Price Targets

NBR has been the topic of several research reports. Barclays dropped their price target on shares of Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 16th. Royal Bank of Canada restated a “sector perform” rating and set a $102.00 price target on shares of Nabors Industries in a report on Wednesday, October 16th. Citigroup boosted their target price on shares of Nabors Industries from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Susquehanna reduced their price objective on Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Finally, Evercore ISI lowered their price objective on shares of Nabors Industries from $94.00 to $85.00 and set an “in-line” rating on the stock in a research report on Thursday, October 24th. Six investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $86.40.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Federated Hermes Inc. lifted its stake in shares of Nabors Industries by 2.7% in the 4th quarter. Federated Hermes Inc. now owns 29,874 shares of the oil and gas company’s stock valued at $1,708,000 after purchasing an additional 798 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Nabors Industries during the fourth quarter valued at about $284,000. Wells Fargo & Company MN lifted its position in shares of Nabors Industries by 6.4% in the fourth quarter. Wells Fargo & Company MN now owns 30,339 shares of the oil and gas company’s stock worth $1,734,000 after buying an additional 1,834 shares during the last quarter. ExodusPoint Capital Management LP bought a new stake in shares of Nabors Industries during the 4th quarter worth about $1,388,000. Finally, Bryce Point Capital LLC acquired a new position in shares of Nabors Industries during the 4th quarter valued at about $556,000. Institutional investors and hedge funds own 81.92% of the company’s stock.

Nabors Industries Stock Performance

The stock has a fifty day moving average price of $60.41 and a 200 day moving average price of $70.27. The company has a current ratio of 1.88, a quick ratio of 1.63 and a debt-to-equity ratio of 5.43. The firm has a market cap of $498.18 million, a price-to-earnings ratio of -2.53 and a beta of 2.02.

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.