Citigroup Raises Nabors Industries (NYSE:NBR) Price Target to $89.00

Nabors Industries (NYSE:NBR) had its target price boosted by equities research analysts at Citigroup from $85.00 to $89.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s price objective indicates a potential upside of 11.40% from the stock’s previous close.

Several other equities research analysts have also commented on NBR. Morgan Stanley reaffirmed an “overweight” rating and issued a $80.00 price target on shares of Nabors Industries in a report on Wednesday, January 21st. UBS Group set a $70.00 price objective on Nabors Industries in a research note on Friday, February 13th. Weiss Ratings reissued a “hold (c-)” rating on shares of Nabors Industries in a report on Monday, December 29th. Barclays upped their target price on Nabors Industries from $50.00 to $65.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 25th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $77.00 price target (up from $70.00) on shares of Nabors Industries in a research report on Friday, February 13th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $69.50.

Nabors Industries Stock Performance

NBR opened at $79.89 on Wednesday. The company has a current ratio of 1.56, a quick ratio of 1.47 and a debt-to-equity ratio of 2.22. Nabors Industries has a 12-month low of $23.27 and a 12-month high of $92.38. The firm has a 50 day moving average of $75.71 and a two-hundred day moving average of $58.84. The firm has a market capitalization of $1.17 billion, a PE ratio of 4.84 and a beta of 0.87.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Wednesday, February 11th. The oil and gas company reported $0.17 EPS for the quarter, beating the consensus estimate of ($2.93) by $3.10. Nabors Industries had a net margin of 8.92% and a negative return on equity of 17.63%. The business had revenue of $797.53 million for the quarter, compared to the consensus estimate of $795.82 million. During the same period in the prior year, the firm earned ($6.67) EPS. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. On average, analysts anticipate that Nabors Industries will post -6.22 EPS for the current year.

Hedge Funds Weigh In On Nabors Industries

A number of large investors have recently bought and sold shares of NBR. Islay Capital Management LLC acquired a new stake in Nabors Industries in the fourth quarter valued at approximately $26,000. Quarry LP acquired a new position in shares of Nabors Industries during the 4th quarter worth approximately $33,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Nabors Industries during the 4th quarter valued at approximately $40,000. CWM LLC lifted its position in shares of Nabors Industries by 244.6% during the 3rd 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 in the last quarter. Finally, State of Wyoming grew its stake in Nabors Industries by 106.3% in the 4th quarter. State of Wyoming now owns 1,314 shares of the oil and gas company’s stock valued at $71,000 after acquiring an additional 677 shares during the period. Institutional investors and hedge funds own 81.92% of the company’s stock.

Nabors Industries Company Profile

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.