Nabors Industries (NYSE:NBR) Downgraded by Zacks Research to “Hold”

Zacks Research downgraded shares of Nabors Industries (NYSE:NBR) from a strong-buy rating to a hold rating in a research note published on Thursday,Zacks.com reports.

Several other equities analysts also recently weighed in on the company. Citigroup raised their price objective on Nabors Industries from $89.00 to $110.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Morgan Stanley restated an “overweight” rating and issued a $100.00 price target (up from $80.00) on shares of Nabors Industries in a research report on Wednesday, April 15th. Susquehanna decreased their price objective on shares of Nabors Industries from $105.00 to $85.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 8th. Weiss Ratings restated a “hold (c-)” rating on shares of Nabors Industries in a report on Friday, July 31st. Finally, Barclays set a $93.00 price target on shares of Nabors Industries and gave the company an “equal weight” rating in a research report on Wednesday, August 5th. Two investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $101.14.

Nabors Industries Trading Up 2.9%

Shares of NBR opened at $94.00 on Thursday. The company has a current ratio of 1.89, a quick ratio of 1.75 and a debt-to-equity ratio of 2.24. The firm’s 50-day moving average is $85.46 and its two-hundred day moving average is $84.80. Nabors Industries has a twelve month low of $31.10 and a twelve month high of $112.90. The firm has a market capitalization of $1.39 billion, a P/E ratio of 6.99 and a beta of 0.98.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Nabors Industries by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 871,047 shares of the oil and gas company’s stock worth $47,298,000 after purchasing an additional 13,424 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Nabors Industries during the first quarter worth about $1,094,000. De Lisle Partners LLP acquired a new position in shares of Nabors Industries in the fourth quarter valued at approximately $1,542,000. Jennison Associates LLC purchased a new position in shares of Nabors Industries during the fourth quarter valued at approximately $1,029,000. Finally, UBS Group AG lifted its stake in shares of Nabors Industries by 8.7% during the fourth quarter. UBS Group AG now owns 72,764 shares of the oil and gas company’s stock valued at $3,951,000 after buying an additional 5,830 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.