Nabors Industries (NYSE:NBR) Stock Rating Upgraded by Wall Street Zen

Nabors Industries (NYSE:NBR) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

NBR has been the topic of several other reports. Barclays reiterated an “underweight” rating and issued a $36.00 price objective (up 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 price target (up previously from $30.00) on shares of Nabors Industries in a research note on Thursday, August 14th. Susquehanna reiterated a “neutral” rating and issued a $56.00 price target on shares of Nabors Industries in a research report on Thursday, October 30th. Morgan Stanley set a $55.00 price objective on Nabors Industries and gave the company an “overweight” rating in a report on Friday, October 17th. Finally, Royal Bank Of Canada set a $66.00 target price on shares of Nabors Industries and gave the company a “sector perform” rating in a research note on Thursday, October 30th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus price target of $46.86.

Nabors Industries Price Performance

NYSE:NBR opened at $51.47 on Friday. The company has a debt-to-equity ratio of 2.50, a quick ratio of 1.63 and a current ratio of 2.09. The company has a 50-day moving average of $42.70 and a 200-day moving average of $35.20. Nabors Industries has a 52 week low of $23.27 and a 52 week high of $85.85. The company has a market capitalization of $749.41 million, a price-to-earnings ratio of 5.33 and a beta of 1.54.

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). Nabors Industries had a net margin of 7.08% and a negative return on equity of 30.85%. The business had revenue of $818.19 million during the quarter, compared to the consensus estimate of $824.61 million. During the same period in the previous year, the firm earned ($6.86) EPS. The business’s revenue was up 11.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Nabors Industries will post -6.22 earnings per share for the current fiscal year.

Insider Buying and Selling at Nabors Industries

In other news, major shareholder Varde Partners Inc sold 312,378 shares of the firm’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $41.04, for a total value of $12,819,993.12. Following the completion of the sale, the insider directly owned 1,406,052 shares in the company, valued at approximately $57,704,374.08. This trade represents a 18.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 5.41% of the company’s stock.

Institutional Investors Weigh In On Nabors Industries

Hedge funds have recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd bought a new position in shares of Nabors Industries in the first quarter worth about $438,000. Readystate Asset Management LP increased its holdings in shares of Nabors Industries by 78.2% in the first quarter. Readystate Asset Management LP now owns 40,505 shares of the oil and gas company’s stock valued at $1,689,000 after purchasing an additional 17,780 shares in the last quarter. Federated Hermes Inc. raised its position in Nabors Industries by 23.1% in the 1st quarter. Federated Hermes Inc. now owns 36,786 shares of the oil and gas company’s stock worth $1,534,000 after purchasing an additional 6,912 shares during the last quarter. Barings LLC acquired a new position in Nabors Industries during the 1st quarter worth $8,864,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Nabors Industries by 33.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 150,289 shares of the oil and gas company’s stock worth $6,269,000 after buying an additional 37,648 shares in the last quarter. Institutional investors 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.