Nabors Industries (NYSE:NBR) Sets New 1-Year Low on Disappointing Earnings

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

The oil and gas company reported ($6.67) EPS for the quarter, missing the consensus estimate 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%.

Analyst Upgrades and Downgrades

NBR has been the topic of several recent research reports. Citigroup raised their target price on shares of Nabors Industries from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Evercore ISI lowered their price objective on Nabors Industries from $94.00 to $85.00 and set an “in-line” rating on the stock in a research note on Thursday, October 24th. Finally, Susquehanna cut their target price on Nabors Industries from $79.00 to $77.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Six equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $86.40.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NBR. Canada Pension Plan Investment Board lifted its stake in Nabors Industries by 36.6% during the fourth quarter. Canada Pension Plan Investment Board now owns 37,300 shares of the oil and gas company’s stock worth $2,132,000 after purchasing an additional 10,000 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Nabors Industries during the 4th quarter worth $1,042,000. Jump Financial LLC boosted its stake in Nabors Industries by 142.5% in the fourth quarter. Jump Financial LLC now owns 24,253 shares of the oil and gas company’s stock valued at $1,387,000 after buying an additional 14,253 shares in the last quarter. Barclays PLC grew its position in Nabors Industries by 74.6% in the fourth quarter. Barclays PLC now owns 196,108 shares of the oil and gas company’s stock valued at $11,211,000 after acquiring an additional 83,790 shares during the last quarter. Finally, DRW Securities LLC bought a new position in shares of Nabors Industries in the fourth quarter worth about $234,000. 81.92% of the stock is owned by institutional investors.

Nabors Industries Trading Down 6.7 %

The company has a market capitalization of $534.47 million, a price-to-earnings ratio of -2.71 and a beta of 2.02. 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 business’s 50 day moving average price is $60.01 and its two-hundred day moving average price is $70.13.

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.