Nabors Industries (NYSE:NBR) Trading Up 8.3% – What’s Next?

Nabors Industries Ltd. (NYSE:NBR)’s share price traded up 8.3% during mid-day trading on Tuesday . The stock traded as high as $49.99 and last traded at $50.4330. 263,593 shares were traded during trading, a decline of 42% from the average session volume of 457,717 shares. The stock had previously closed at $46.55.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on NBR shares. Susquehanna restated a “neutral” rating and set a $56.00 target price on shares of Nabors Industries in a research report on Thursday, October 30th. Barclays reaffirmed an “underweight” rating and issued a $45.00 target price (up from $36.00) on shares of Nabors Industries in a report on Tuesday, November 11th. Wall Street Zen upgraded Nabors Industries from a “hold” rating to a “buy” rating in a report on Sunday, November 16th. Piper Sandler restated an “underweight” rating and set a $32.00 price target (up previously from $30.00) on shares of Nabors Industries in a report on Thursday, August 14th. Finally, Citigroup restated a “neutral” rating and issued a $58.00 price target (up from $38.00) on shares of Nabors Industries in a research report on Monday, November 3rd. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Nabors Industries currently has an average rating of “Reduce” and a consensus target price of $48.14.

Nabors Industries Stock Down 1.1%

The company has a market cap of $724.66 million, a PE ratio of 5.16 and a beta of 1.54. The company has a current ratio of 2.09, a quick ratio of 1.63 and a debt-to-equity ratio of 2.50. The company’s 50 day moving average is $44.97 and its 200 day moving average is $37.11.

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

Insider Activity at Nabors Industries

In other news, major shareholder Varde Partners Inc sold 312,378 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $57,704,374.08. This represents a 18.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.41% of the stock is currently owned by company insiders.

Institutional Trading of Nabors Industries

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NBR. Brigade Capital Management LP acquired a new stake in shares of Nabors Industries during the first quarter worth about $37,653,000. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Nabors Industries by 25.0% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 750,000 shares of the oil and gas company’s stock valued at $21,015,000 after acquiring an additional 150,000 shares during the last quarter. Apollo Management Holdings L.P. increased its stake in shares of Nabors Industries by 54.2% in the second quarter. Apollo Management Holdings L.P. now owns 650,623 shares of the oil and gas company’s stock worth $18,230,000 after acquiring an additional 228,787 shares during the period. Highbridge Capital Management LLC raised its holdings in shares of Nabors Industries by 26.9% during the third quarter. Highbridge Capital Management LLC now owns 491,795 shares of the oil and gas company’s stock worth $20,100,000 after purchasing an additional 104,219 shares during the last quarter. Finally, Cibc World Market Inc. lifted its position in Nabors Industries by 10.6% during the third quarter. Cibc World Market Inc. now owns 489,507 shares of the oil and gas company’s stock valued at $20,006,000 after purchasing an additional 46,802 shares during the period. Institutional investors and hedge funds own 81.92% of the company’s stock.

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.