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

Nabors Industries (NYSE:NBR) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Sunday.

NBR has been the subject of several other reports. Piper Sandler restated an “underweight” rating and issued a $32.00 target price (up from $30.00) on shares of Nabors Industries in a research note on Thursday, August 14th. Weiss Ratings restated a “hold (c-)” rating on shares of Nabors Industries in a research note on Tuesday. Morgan Stanley set a $55.00 price target on Nabors Industries and gave the company an “overweight” rating in a report on Friday, October 17th. Barclays reaffirmed an “underweight” rating and issued a $45.00 target price (up from $36.00) on shares of Nabors Industries in a research report on Tuesday. Finally, Susquehanna reissued a “neutral” rating and set a $56.00 price target on shares of Nabors Industries in a research report on Thursday, October 30th. One 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’s stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $48.14.

Nabors Industries Price Performance

NBR stock opened at $49.37 on Friday. The firm has a market cap of $718.92 million, a P/E ratio of 5.12 and a beta of 1.54. The company has a debt-to-equity ratio of 2.50, a quick ratio of 1.63 and a current ratio of 2.09. Nabors Industries has a 1 year low of $23.27 and a 1 year high of $78.97. The stock has a 50-day simple moving average of $43.99 and a 200-day simple moving average of $35.98.

Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Tuesday, October 28th. The oil and gas company reported ($3.67) EPS for the quarter, missing the consensus estimate of ($2.37) by ($1.30). Nabors Industries had a negative return on equity of 30.85% and a net margin of 7.08%.The company had revenue of $818.19 million for the quarter, compared to analyst estimates of $824.61 million. During the same period last year, the firm posted ($6.86) earnings per share. The business’s revenue was up 11.8% on a year-over-year basis. On average, equities analysts predict that Nabors Industries will post -6.22 earnings per share for the current fiscal year.

Insider Activity at Nabors Industries

In other news, major shareholder Varde Partners Inc sold 312,378 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $41.04, for a total transaction of $12,819,993.12. Following the sale, the insider directly owned 1,406,052 shares in the company, valued at approximately $57,704,374.08. This represents a 18.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.41% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Nomura Holdings Inc. acquired a new stake in shares of Nabors Industries in the 1st quarter worth about $2,676,000. MQS Management LLC bought a new position in Nabors Industries in the 2nd quarter worth about $262,000. Apollo Management Holdings L.P. grew its position in Nabors Industries by 26.2% in the 1st quarter. Apollo Management Holdings L.P. now owns 421,836 shares of the oil and gas company’s stock worth $17,595,000 after purchasing an additional 87,552 shares during the last quarter. Readystate Asset Management LP increased its stake 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 during the period. Finally, Barings LLC bought a new stake in shares of Nabors Industries during the first quarter valued at approximately $8,864,000. 81.92% of the stock is currently owned by institutional investors.

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.