Nabors Industries (NYSE:NBR) Given New $65.00 Price Target at Barclays

Nabors Industries (NYSE:NBR) had its target price increased by Barclays from $50.00 to $65.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an underweight rating on the oil and gas company’s stock.

A number of other research analysts also recently weighed in on NBR. Weiss Ratings reissued a “hold (c-)” rating on shares of Nabors Industries in a report on Monday, December 29th. UBS Group set a $70.00 price target on shares of Nabors Industries in a research report on Friday, February 13th. Citigroup reiterated a “neutral” rating and issued a $85.00 price objective (up from $60.00) on shares of Nabors Industries in a research note on Tuesday. Morgan Stanley restated an “overweight” rating and set a $80.00 target price on shares of Nabors Industries in a research report on Wednesday, January 21st. Finally, Wall Street Zen cut shares of Nabors Industries from a “buy” rating to a “hold” rating in a report on Saturday, February 21st. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Nabors Industries currently has a consensus rating of “Hold” and an average target price of $69.00.

Nabors Industries Stock Up 0.3%

Shares of Nabors Industries stock opened at $78.04 on Wednesday. Nabors Industries has a twelve month low of $23.27 and a twelve month high of $80.32. The company has a quick ratio of 1.47, a current ratio of 1.56 and a debt-to-equity ratio of 2.22. The company’s 50 day moving average is $63.84 and its 200 day moving average is $50.93. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 4.73 and a beta of 0.99.

Nabors Industries (NYSE:NBR) last posted its earnings results on Wednesday, February 11th. The oil and gas company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of ($2.93) by $3.10. The business had revenue of $805.13 million during the quarter, compared to the consensus estimate of $795.82 million. Nabors Industries had a net margin of 8.92% and a negative return on equity of 17.63%. The firm’s revenue was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($6.67) EPS. Research analysts anticipate that Nabors Industries will post -6.22 EPS for the current year.

Institutional Trading of Nabors Industries

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Monaco Asset Management SAM purchased a new stake in Nabors Industries in the 2nd quarter worth $210,000. Highbridge Capital Management LLC lifted its position in shares of Nabors Industries by 26.9% in the third quarter. Highbridge Capital Management LLC now owns 491,795 shares of the oil and gas company’s stock valued at $20,100,000 after acquiring an additional 104,219 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Nabors Industries by 7.6% in the second quarter. American Century Companies Inc. now owns 321,800 shares of the oil and gas company’s stock worth $9,017,000 after acquiring an additional 22,594 shares during the period. Geode Capital Management LLC grew its position in shares of Nabors Industries by 59.5% during the second quarter. Geode Capital Management LLC now owns 338,566 shares of the oil and gas company’s stock worth $9,488,000 after purchasing an additional 126,243 shares in the last quarter. Finally, Allianz Asset Management GmbH purchased a new stake in shares of Nabors Industries during the third quarter worth about $1,063,000. 81.92% of the stock is owned by hedge funds and other 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.