Nabors Industries Ltd. (NYSE:NBR) had its price objective lowered by equities research analysts at Morgan Stanley from $10.00 to $9.00 in a report released on Monday. The firm currently has an “equal weight” rating on the oil and gas company’s stock. Morgan Stanley’s price target would suggest a potential upside of 18.89% from the stock’s current price.

Several other research firms have also commented on NBR. BMO Capital Markets set a $13.00 price objective on shares of Nabors Industries and gave the stock a “hold” rating in a research note on Saturday, May 6th. Credit Suisse Group set a $18.00 price target on shares of Nabors Industries and gave the company a “buy” rating in a research note on Sunday, April 30th. Wells Fargo & Company lowered shares of Nabors Industries from an “outperform” rating to a “market perform” rating in a research note on Friday, July 7th. Deutsche Bank AG restated a “buy” rating and set a $13.00 price target (down previously from $20.00) on shares of Nabors Industries in a research note on Tuesday, May 30th. Finally, Seaport Global Securities lowered shares of Nabors Industries from a “buy” rating to a “neutral” rating and cut their price target for the company from $13.00 to $8.00 in a research note on Wednesday, June 21st. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $14.73.

Shares of Nabors Industries (NBR) traded down 5.3382% during midday trading on Monday, hitting $7.1659. 4,533,276 shares of the company traded hands. Nabors Industries has a 52 week low of $6.93 and a 52 week high of $18.40. The company has a 50-day moving average price of $7.87 and a 200-day moving average price of $11.58. The stock’s market capitalization is $2.00 billion.

Nabors Industries (NYSE:NBR) last posted its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.35) by $0.03. The firm had revenue of $630.50 million for the quarter, compared to the consensus estimate of $589.79 million. Nabors Industries had a negative return on equity of 13.31% and a negative net margin of 32.35%. The company’s revenue was up 21.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.35) EPS. Analysts anticipate that Nabors Industries will post ($1.41) earnings per share for the current fiscal year.

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In other news, CFO William J. Restrepo purchased 22,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were purchased at an average cost of $8.25 per share, with a total value of $181,500.00. Following the completion of the acquisition, the chief financial officer now owns 959,694 shares of the company’s stock, valued at approximately $7,917,475.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.10% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Nabors Industries by 7,474.6% in the first quarter. BlackRock Inc. now owns 24,813,903 shares of the oil and gas company’s stock worth $324,317,000 after buying an additional 24,486,309 shares during the period. Renaissance Technologies LLC increased its stake in shares of Nabors Industries by 414.1% in the first quarter. Renaissance Technologies LLC now owns 4,467,589 shares of the oil and gas company’s stock worth $58,391,000 after buying an additional 3,598,589 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Nabors Industries by 30.4% in the first quarter. Bank of New York Mellon Corp now owns 14,125,222 shares of the oil and gas company’s stock worth $184,617,000 after buying an additional 3,296,758 shares during the period. Deprince Race & Zollo Inc. purchased a new stake in shares of Nabors Industries during the first quarter worth about $35,002,000. Finally, Bank of America Corp DE increased its stake in shares of Nabors Industries by 29.1% in the first quarter. Bank of America Corp DE now owns 5,933,232 shares of the oil and gas company’s stock worth $77,547,000 after buying an additional 1,336,220 shares during the period. 98.65% of the stock is currently owned by hedge funds and other institutional investors.

About Nabors Industries

Nabors Industries Ltd. owns and operates a land-based drilling rig fleet. The Company is a provider of offshore platform drilling rigs in the United States and multiple international markets. The Company conducts its Drilling & Rig Services business through four segments: U.S. Drilling, Canada Drilling, International Drilling and Rig Services.

Analyst Recommendations for Nabors Industries (NYSE:NBR)

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