Nabors Industries Ltd. (NYSE:NBR) Given Consensus Recommendation of “Hold” by Brokerages

Nabors Industries Ltd. (NYSE:NBR) has received a consensus rating of “Hold” from the eight analysts that are presently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $69.00.

Several brokerages have recently weighed in on NBR. Citigroup restated a “neutral” rating and issued a $85.00 price objective (up from $60.00) on shares of Nabors Industries in a report on Tuesday, February 24th. UBS Group set a $70.00 target price on Nabors Industries in a report on Friday, February 13th. Barclays boosted their price target on shares of Nabors Industries from $50.00 to $65.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 25th. Wall Street Zen lowered shares of Nabors Industries from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st. Finally, Piper Sandler reiterated an “overweight” rating and issued a $80.00 target price (up from $65.00) on shares of Nabors Industries in a report on Tuesday, February 17th.

Nabors Industries Price Performance

NYSE NBR opened at $87.42 on Thursday. Nabors Industries has a 12 month low of $23.27 and a 12 month high of $88.61. The firm has a market capitalization of $1.28 billion, a PE ratio of 5.30 and a beta of 0.89. The company’s 50 day simple moving average is $73.05 and its 200 day simple moving average is $57.11. The company has a debt-to-equity ratio of 2.22, a current ratio of 1.56 and a quick ratio of 1.47.

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

Institutional Investors Weigh In On Nabors Industries

A number of institutional investors and hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC grew its holdings in shares of Nabors Industries by 97.1% in the 1st quarter. AQR Capital Management LLC now owns 16,770 shares of the oil and gas company’s stock worth $699,000 after acquiring an additional 8,260 shares during the last quarter. Dynamic Technology Lab Private Ltd lifted its holdings in shares of Nabors Industries by 11.5% during 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 during the last quarter. Geode Capital Management LLC lifted its holdings 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 valued at $9,488,000 after purchasing an additional 126,243 shares during the last quarter. Police & Firemen s Retirement System of New Jersey boosted its position in shares of Nabors Industries by 47.7% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 3,231 shares of the oil and gas company’s stock valued at $91,000 after purchasing an additional 1,044 shares during the period. Finally, Cetera Investment Advisers boosted its position in shares of Nabors Industries by 19.1% in the 2nd quarter. Cetera Investment Advisers now owns 8,570 shares of the oil and gas company’s stock valued at $240,000 after purchasing an additional 1,374 shares during the period. Institutional investors and hedge funds own 81.92% of the company’s stock.

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.