Nabors Industries Ltd. (NYSE:NBR) Stock Has Average Target Price of $104.14

Shares of Nabors Industries Ltd. (NYSE:NBR) have earned an average rating of “Hold” from the eight research firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $103.00.

NBR has been the topic of a number of recent analyst reports. Barclays cut their price objective on Nabors Industries from $93.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Monday. Wall Street Zen upgraded Nabors Industries from a “sell” rating to a “hold” rating in a report on Saturday, November 7th. Morgan Stanley set a $110.00 price target on Nabors Industries in a research note on Thursday, August 20th. Susquehanna reaffirmed a “neutral” rating and issued a $91.00 price target (up from $85.00) on shares of Nabors Industries in a research note on Monday, October 5th. Finally, Weiss Ratings cut shares of Nabors Industries from a “hold (c)” rating to a “sell (d+)” rating in a report on Monday.

Nabors Industries Stock Up 3.4%

NBR opened at $83.23 on Friday. The company has a market cap of $1.26 billion, a P/E ratio of -17.90 and a beta of 1.09. The business’s 50-day moving average price is $82.52 and its 200-day moving average price is $84.82. The company has a current ratio of 1.77, a quick ratio of 1.64 and a debt-to-equity ratio of 2.04. Nabors Industries has a 12 month low of $44.04 and a 12 month high of $112.90.

Nabors Industries (NYSE:NBR) last released its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported ($1.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($1.10). Nabors Industries had a negative net margin of 1.17% and a negative return on equity of 3.98%. The company had revenue of $872.19 million for the quarter, compared to analysts’ expectations of $859.20 million. During the same period last year, the company posted $16.85 EPS. The business’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, equities analysts expect that Nabors Industries will post -3.87 EPS for the current year.

Insider Buying and Selling at Nabors Industries

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

Institutional Investors Weigh In On Nabors Industries

Several hedge funds have recently made changes to their positions in the company. Concurrent Investment Advisors LLC bought a new position in shares of Nabors Industries during the second quarter valued at approximately $2,081,000. Bank of America Corp DE lifted its holdings in shares of Nabors Industries by 191.8% during the first quarter. Bank of America Corp DE now owns 151,922 shares of the oil and gas company’s stock valued at $13,074,000 after purchasing an additional 99,852 shares during the last quarter. Arlington Capital Management Inc. bought a new stake in shares of Nabors Industries in the 2nd quarter worth approximately $3,144,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Nabors Industries in the 2nd quarter worth approximately $1,201,000. Finally, Renaissance Technologies LLC boosted its position in shares of Nabors Industries by 236.0% in the 1st quarter. Renaissance Technologies LLC now owns 16,800 shares of the oil and gas company’s stock worth $1,446,000 after purchasing an additional 11,800 shares in the last quarter. 81.92% of the stock is currently owned by institutional investors.

About Nabors Industries

Nabors Industries is an international drilling contractor that provides services and technology to the oil and natural gas industry. Its operations include land-based drilling rigs and offshore platform rigs, which it supplies to exploration and production companies. The company also offers services and technologies used to plan and carry out drilling operations. These include directional drilling, measurement-while-drilling systems, wellbore placement services, and software and automation tools designed to support drilling performance.