Nabors Industries (NYSE:NBR) Stock Passes Above 200 Day Moving Average – Here’s What Happened

Shares of Nabors Industries Ltd. (NYSE:NBR) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $41.08 and traded as high as $53.88. Nabors Industries shares last traded at $53.3390, with a volume of 159,256 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Susquehanna reissued a “neutral” rating and set a $56.00 price objective on shares of Nabors Industries in a report on Thursday, October 30th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Nabors Industries in a research report on Monday, December 22nd. Citigroup reissued a “neutral” rating and set a $58.00 price target (up from $38.00) on shares of Nabors Industries in a report on Monday, November 3rd. Morgan Stanley set a $65.00 price objective on shares of Nabors Industries in a research note on Monday, December 15th. Finally, Royal Bank Of Canada set a $66.00 price objective on shares of Nabors Industries and gave the stock a “sector perform” rating in a report on Thursday, October 30th. Two research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Nabors Industries has a consensus rating of “Hold” and an average price target of $55.00.

Nabors Industries Trading Up 1.3%

The company has a current ratio of 2.09, a quick ratio of 1.93 and a debt-to-equity ratio of 2.50. The stock has a market cap of $776.62 million, a P/E ratio of 5.53 and a beta of 0.97. The business’s fifty day simple moving average is $50.66 and its 200 day simple moving average is $41.08.

Nabors Industries (NYSE:NBR) last announced 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 negative return on equity of 30.85% and a net margin of 7.08%.The company had revenue of $825.51 million during the quarter, compared to the consensus estimate of $824.61 million. During the same period in the prior year, the firm posted ($6.86) earnings per share. The company’s revenue was up 11.8% on a year-over-year basis. As a group, analysts expect that Nabors Industries Ltd. will post -6.22 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. CWM LLC lifted its stake in Nabors Industries by 244.6% in the third quarter. CWM LLC now owns 889 shares of the oil and gas company’s stock valued at $36,000 after buying an additional 631 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Nabors Industries by 3,866.7% in the 1st quarter. Russell Investments Group Ltd. now owns 1,309 shares of the oil and gas company’s stock valued at $55,000 after acquiring an additional 1,276 shares during the last quarter. Ameritas Investment Partners Inc. increased its stake in shares of Nabors Industries by 58.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,444 shares of the oil and gas company’s stock valued at $40,000 after acquiring an additional 533 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Nabors Industries by 23.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company’s stock valued at $63,000 after acquiring an additional 289 shares during the period. Finally, State of Wyoming boosted its stake in Nabors Industries by 20.5% during the 1st quarter. State of Wyoming now owns 2,941 shares of the oil and gas company’s stock worth $123,000 after acquiring an additional 500 shares during the last quarter. 81.92% of the stock is currently owned by institutional investors.

About Nabors Industries

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land and offshore drilling rigs, drilling equipment and related services to energy companies around the world. The company’s operations span two core segments: drilling and evaluation, which includes land‐based and platform drilling rigs as well as wellbore survey services, and wellbore technologies, offering pressure control equipment, downhole tools and specialized maintenance services. Nabors’ integrated model combines rig operations with engineered products and field support, positioning it as a full‐service provider in the upstream sector.

The company maintains a diverse, modern fleet of automated and conventional drilling rigs and has pioneered advanced drilling technologies, including automated drilling controls and managed pressure drilling systems.