Nabors Industries (NYSE:NBR) Given Sell (D-) Rating at Weiss Ratings

Weiss Ratings restated their sell (d-) rating on shares of Nabors Industries (NYSE:NBR) in a report published on Tuesday,Weiss Ratings reports.

Several other brokerages also recently commented on NBR. Susquehanna upped their target price on shares of Nabors Industries from $37.00 to $39.00 and gave the company a “neutral” rating in a research note on Wednesday, August 27th. Barclays reaffirmed an “underweight” rating and issued a $36.00 target price (up previously from $29.00) on shares of Nabors Industries in a research note on Monday, September 22nd. Piper Sandler reaffirmed an “underweight” rating and issued a $32.00 target price (up previously from $30.00) on shares of Nabors Industries in a research note on Thursday, August 14th. Finally, Royal Bank Of Canada upped their target price on shares of Nabors Industries from $45.00 to $47.00 and gave the company a “sector perform” rating in a research note on Thursday, August 21st. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $44.00.

Nabors Industries Trading Down 1.0%

NBR opened at $40.09 on Tuesday. The company has a debt-to-equity ratio of 4.17, a current ratio of 1.79 and a quick ratio of 1.63. The company has a market cap of $630.99 million, a price-to-earnings ratio of -2.85 and a beta of 1.46. The firm has a 50 day simple moving average of $38.34 and a 200 day simple moving average of $33.34. Nabors Industries has a fifty-two week low of $23.27 and a fifty-two week high of $86.10.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings results on Tuesday, July 29th. The oil and gas company reported ($2.71) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.05) by ($0.66). The business had revenue of $832.79 million for the quarter, compared to the consensus estimate of $857.98 million. Nabors Industries had a negative return on equity of 35.99% and a negative net margin of 3.51%.The company’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period last year, the firm earned ($4.29) earnings per share. On average, sell-side analysts anticipate that Nabors Industries will post -6.22 earnings per share for the current year.

Insider Activity

In other news, major shareholder Varde Partners Inc sold 312,378 shares of the stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $41.04, for a total transaction of $12,819,993.12. Following the completion of the sale, the insider owned 1,406,052 shares of the company’s stock, valued at $57,704,374.08. This represents a 18.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.29% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nabors Industries

Several large investors have recently made changes to their positions in the stock. Nebula Research & Development LLC increased its position in shares of Nabors Industries by 2.5% during the second quarter. Nebula Research & Development LLC now owns 17,697 shares of the oil and gas company’s stock worth $496,000 after acquiring an additional 428 shares in the last quarter. State of Wyoming grew its position in Nabors Industries by 20.5% in the first quarter. State of Wyoming now owns 2,941 shares of the oil and gas company’s stock valued at $123,000 after purchasing an additional 500 shares in the last quarter. Ameritas Investment Partners Inc. grew its position in Nabors Industries by 58.5% in the second quarter. Ameritas Investment Partners Inc. now owns 1,444 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 533 shares in the last quarter. Dynamic Technology Lab Private Ltd grew its position in Nabors Industries by 11.5% in the first quarter. Dynamic Technology Lab Private Ltd now owns 5,540 shares of the oil and gas company’s stock valued at $231,000 after purchasing an additional 570 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in Nabors Industries by 520.2% in the first quarter. GAMMA Investing LLC now owns 1,073 shares of the oil and gas company’s stock valued at $45,000 after purchasing an additional 900 shares in the last quarter. Institutional investors own 81.92% of the company’s stock.

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.