Nabors Industries (NYSE:NBR) Given Underweight Rating at Barclays

Barclays reaffirmed their underweight rating on shares of Nabors Industries (NYSE:NBR) in a research note issued to investors on Monday morning, MarketBeat reports. They currently have a $28.00 price objective on the oil and gas company’s stock, down from their prior price objective of $53.00.

A number of other brokerages have also issued reports on NBR. Susquehanna dropped their target price on Nabors Industries from $32.00 to $29.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Citigroup lowered their price objective on Nabors Industries from $50.00 to $38.00 and set a “neutral” rating for the company in a report on Tuesday, May 13th. Morgan Stanley lowered their price objective on Nabors Industries from $75.00 to $50.00 and set an “overweight” rating for the company in a report on Friday. Finally, Royal Bank of Canada lowered their price objective on Nabors Industries from $47.00 to $45.00 and set a “sector perform” rating for the company in a report on Thursday, May 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Nabors Industries presently has an average rating of “Hold” and an average target price of $45.83.

Nabors Industries Stock Down 8.2%

Shares of NYSE NBR opened at $27.38 on Monday. Nabors Industries has a 1 year low of $25.11 and a 1 year high of $105.96. The firm has a market cap of $429.87 million, a price-to-earnings ratio of -1.22 and a beta of 1.96. The company has a debt-to-equity ratio of 5.95, a quick ratio of 1.52 and a current ratio of 1.75. The stock’s 50-day simple moving average is $33.31 and its 200-day simple moving average is $50.84.

Nabors Industries (NYSE:NBR) last announced its earnings results on Tuesday, April 29th. The oil and gas company reported ($7.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.64) by ($4.86). Nabors Industries had a negative return on equity of 32.96% and a negative net margin of 5.93%. The business had revenue of $742.78 million for the quarter, compared to analysts’ expectations of $706.49 million. During the same period in the previous year, the firm posted ($4.54) earnings per share. The firm’s revenue was up .3% compared to the same quarter last year. As a group, equities analysts anticipate that Nabors Industries will post -6.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

Institutional investors have recently made changes to their positions in the stock. Barclays PLC grew its holdings in shares of Nabors Industries by 60.8% during the third quarter. Barclays PLC now owns 112,318 shares of the oil and gas company’s stock valued at $7,241,000 after purchasing an additional 42,483 shares during the last quarter. Bryce Point Capital LLC bought a new position in shares of Nabors Industries during the fourth quarter valued at approximately $556,000. Proficio Capital Partners LLC bought a new position in shares of Nabors Industries during the fourth quarter valued at approximately $664,000. HighTower Advisors LLC grew its holdings in shares of Nabors Industries by 152.8% during the fourth quarter. HighTower Advisors LLC now owns 27,727 shares of the oil and gas company’s stock valued at $1,585,000 after purchasing an additional 16,761 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Nabors Industries by 12.0% during the fourth quarter. American Century Companies Inc. now owns 285,815 shares of the oil and gas company’s stock valued at $16,340,000 after purchasing an additional 30,537 shares during the last quarter. 81.92% of the stock is owned by institutional investors.

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.