Nabors Industries Ltd. (NYSE:NBR) Receives $102.57 Consensus Target Price from Brokerages

Shares of Nabors Industries Ltd. (NYSE:NBR) have been assigned an average rating of “Hold” from the eight brokerages that are covering the firm, MarketBeat.com reports. Six equities research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $102.5714.

A number of equities research analysts recently weighed in on the company. 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. Piper Sandler reiterated an “overweight” rating and issued a $130.00 target price (up from $120.00) on shares of Nabors Industries in a report on Thursday, July 30th. Weiss Ratings upgraded shares of Nabors Industries from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 13th. Zacks Research downgraded shares of Nabors Industries from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Finally, Susquehanna reduced their price objective on shares of Nabors Industries from $105.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, July 8th.

Insider Activity at Nabors Industries

In other news, Director David Tudor sold 3,200 shares of the stock in a transaction on Friday, August 28th. The stock was sold at an average price of $92.30, for a total transaction of $295,360.00. Following the completion of the sale, the director owned 5,264 shares in the company, valued at approximately $485,867.20. This represents a 37.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.32% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NBR. EverSource Wealth Advisors LLC boosted its stake in Nabors Industries by 29.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 622 shares of the oil and gas company’s stock worth $54,000 after purchasing an additional 141 shares in the last quarter. Allworth Financial LP increased its stake in Nabors Industries by 16.9% during the 2nd quarter. Allworth Financial LP now owns 1,134 shares of the oil and gas company’s stock valued at $95,000 after purchasing an additional 164 shares in the last quarter. Kestra Advisory Services LLC increased its stake in Nabors Industries by 0.7% during the 1st quarter. Kestra Advisory Services LLC now owns 24,937 shares of the oil and gas company’s stock valued at $2,146,000 after purchasing an additional 168 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of Nabors Industries by 106.6% in the second quarter. IFP Advisors Inc now owns 436 shares of the oil and gas company’s stock worth $37,000 after buying an additional 225 shares during the last quarter. Finally, HB Wealth Management LLC raised its holdings in shares of Nabors Industries by 3.8% in the second quarter. HB Wealth Management LLC now owns 6,390 shares of the oil and gas company’s stock worth $537,000 after buying an additional 233 shares during the last quarter. 81.92% of the stock is owned by institutional investors and hedge funds.

Nabors Industries Stock Performance

Shares of NYSE:NBR opened at $83.08 on Thursday. The firm has a 50 day moving average of $87.37 and a 200 day moving average of $88.45. The company has a quick ratio of 1.75, a current ratio of 1.89 and a debt-to-equity ratio of 2.24. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of 6.18 and a beta of 1.00. Nabors Industries has a 52 week low of $36.66 and a 52 week high of $112.90.

Nabors Industries (NYSE:NBR) last announced its earnings results on Tuesday, June 30th. The oil and gas company reported ($2.04) earnings per share (EPS) for the quarter. Nabors Industries had a net margin of 7.64% and a negative return on equity of 7.06%. The company had revenue of $814.79 million for the quarter. On average, sell-side analysts predict that Nabors Industries will post -3.65 earnings per share for the current fiscal year.

Nabors Industries Company Profile

Nabors Industries Ltd. is a global oil and gas drilling contractor that provides land-based and offshore drilling services to exploration and production companies. The company operates a fleet of land drilling rigs, offshore platform rigs and other specialized drilling equipment, supporting customers throughout the well-construction process.

In addition to contract drilling, Nabors provides directional drilling, measurement-while-drilling, drilling optimization and other wellbore services.