Nabors Industries (NYSE:NBR) Shares Up 8.4% – What’s Next?

Nabors Industries Ltd. (NYSE:NBR) shares traded up 8.4% during trading on Monday . The stock traded as high as $87.72 and last traded at $88.4550. Approximately 27,317 shares changed hands during trading, a decline of 92% from the average daily volume of 340,652 shares. The stock had previously closed at $81.59.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on NBR shares. Royal Bank Of Canada lifted their price target on shares of Nabors Industries from $91.00 to $120.00 and gave the company a “sector perform” rating in a research report on Thursday, April 30th. Zacks Research upgraded Nabors Industries from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Barclays set a $93.00 price objective on Nabors Industries and gave the stock an “equal weight” rating in a research note on Wednesday, August 5th. Morgan Stanley reiterated an “overweight” rating and set a $100.00 target price (up from $80.00) on shares of Nabors Industries in a research report on Wednesday, April 15th. Finally, Piper Sandler reissued an “overweight” rating and set a $130.00 target price (up from $120.00) on shares of Nabors Industries in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Nabors Industries has an average rating of “Moderate Buy” and a consensus price target of $101.14.

Nabors Industries Trading Down 1.8%

The firm’s fifty day simple moving average is $85.81 and its 200 day simple moving average is $84.37. The stock has a market capitalization of $1.31 billion, a P/E ratio of 6.56 and a beta of 0.98. The company has a debt-to-equity ratio of 2.24, a quick ratio of 1.75 and a current ratio of 1.89.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings results on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share for the quarter. The firm had revenue of $814.79 million for the quarter. Nabors Industries had a negative return on equity of 7.06% and a net margin of 7.64%. As a group, equities research analysts forecast that Nabors Industries Ltd. will post -2.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

Several hedge funds and other institutional investors have recently modified their holdings of NBR. Islay Capital Management LLC acquired a new stake in Nabors Industries in the fourth quarter valued at about $26,000. Quarry LP acquired a new position in Nabors Industries during the fourth quarter worth about $33,000. Aster Capital Management DIFC Ltd bought a new position in shares of Nabors Industries in the fourth quarter worth about $40,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Nabors Industries by 29.3% in the first quarter. EverSource Wealth Advisors LLC now owns 622 shares of the oil and gas company’s stock worth $54,000 after acquiring an additional 141 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its stake 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 purchasing an additional 289 shares in the last quarter. Institutional investors 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.