Piper Sandler Issues Positive Forecast for Nabors Industries (NYSE:NBR) Stock Price

Nabors Industries (NYSE:NBR) had its price objective raised by analysts at Piper Sandler from $84.00 to $120.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the oil and gas company’s stock. Piper Sandler’s target price suggests a potential upside of 16.57% from the company’s previous close.

NBR has been the topic of a number of other reports. Barclays increased their price objective on Nabors Industries from $50.00 to $65.00 and gave the company an “underweight” rating in a research report on Wednesday, February 25th. Morgan Stanley restated an “overweight” rating and set a $100.00 target price (up from $80.00) on shares of Nabors Industries in a research report on Wednesday, April 15th. Wall Street Zen cut shares of Nabors Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st. Royal Bank Of Canada restated a “sector perform” rating and issued a $77.00 price objective (up from $70.00) on shares of Nabors Industries in a report on Friday, February 13th. Finally, Citigroup upped their target price on shares of Nabors Industries from $85.00 to $89.00 and gave the company a “neutral” rating in a research report on Wednesday, April 1st. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $81.38.

Nabors Industries Stock Performance

NBR stock traded down $1.24 during midday trading on Thursday, hitting $102.95. The stock had a trading volume of 134,065 shares, compared to its average volume of 382,891. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of 6.24 and a beta of 0.87. Nabors Industries has a 52 week low of $23.27 and a 52 week high of $105.17. The stock has a 50-day simple moving average of $82.09 and a 200 day simple moving average of $64.79. The company has a current ratio of 1.56, a quick ratio of 1.47 and a debt-to-equity ratio of 2.22.

Nabors Industries (NYSE:NBR) last announced its quarterly earnings results on Tuesday, April 28th. The oil and gas company reported ($1.54) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.25) by $0.71. The firm had revenue of $783.55 million for the quarter, compared to analyst estimates of $772.38 million. Nabors Industries had a net margin of 8.92% and a negative return on equity of 17.63%. The business’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.18 EPS. As a group, equities research analysts anticipate that Nabors Industries will post -5.91 earnings per share for the current year.

Institutional Trading of Nabors Industries

Several hedge funds have recently modified their holdings of NBR. Islay Capital Management LLC acquired a new position in shares of Nabors Industries during the fourth quarter worth $26,000. Quarry LP acquired a new stake in Nabors Industries during the 4th quarter worth $33,000. CWM LLC increased its position in Nabors Industries by 244.6% in the 3rd quarter. CWM LLC now owns 889 shares of the oil and gas company’s stock valued at $36,000 after acquiring an additional 631 shares during the period. Aster Capital Management DIFC Ltd purchased a new position in Nabors Industries in the 4th quarter valued at $40,000. Finally, Public Employees Retirement System of Ohio lifted its stake in shares of Nabors Industries by 23.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company’s stock worth $63,000 after acquiring an additional 289 shares during the period. 81.92% of the stock is currently owned by institutional investors and hedge funds.

Nabors Industries Company Profile

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.