Nabors Industries (NYSE:NBR) Price Target Raised to $65.00 at Barclays

Nabors Industries (NYSE:NBR) had its price objective raised by equities researchers at Barclays from $50.00 to $65.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “underweight” rating on the oil and gas company’s stock. Barclays‘s price target would indicate a potential downside of 17.57% from the company’s previous close.

Several other research firms have also recently commented on NBR. Wall Street Zen cut Nabors Industries from a “buy” rating to a “hold” rating in a research note on Saturday. UBS Group set a $70.00 price target on Nabors Industries in a research report on Friday, February 13th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $77.00 price objective (up from $70.00) on shares of Nabors Industries in a research note on Friday, February 13th. Citigroup reiterated a “neutral” rating and issued a $85.00 price objective (up from $60.00) on shares of Nabors Industries in a research report on Tuesday. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Nabors Industries in a research note on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Nabors Industries has a consensus rating of “Hold” and an average price target of $69.00.

Nabors Industries Trading Up 1.4%

Shares of NBR traded up $1.09 during mid-day trading on Wednesday, hitting $78.86. 108,494 shares of the company’s stock traded hands, compared to its average volume of 398,664. Nabors Industries has a 1 year low of $23.27 and a 1 year high of $80.32. The business’s 50-day moving average price is $63.30 and its 200-day moving average price is $50.74. The company has a quick ratio of 1.47, a current ratio of 1.56 and a debt-to-equity ratio of 2.22. The firm has a market capitalization of $1.16 billion, a P/E ratio of 4.78 and a beta of 0.99.

Nabors Industries (NYSE:NBR) last released its quarterly earnings results on Wednesday, February 11th. The oil and gas company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.93) by $3.10. Nabors Industries had a net margin of 8.92% and a negative return on equity of 17.63%. The company had revenue of $805.13 million for the quarter, compared to the consensus estimate of $795.82 million. During the same quarter in the prior year, the firm earned ($6.67) earnings per share. Nabors Industries’s revenue was up 9.0% on a year-over-year basis. As a group, sell-side analysts forecast that Nabors Industries will post -6.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NBR. AQR Capital Management LLC increased its position in shares of Nabors Industries by 97.1% during the first quarter. AQR Capital Management LLC now owns 16,770 shares of the oil and gas company’s stock valued at $699,000 after acquiring an additional 8,260 shares during the last quarter. Dynamic Technology Lab Private Ltd increased its stake in Nabors Industries by 11.5% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 5,540 shares of the oil and gas company’s stock worth $231,000 after buying an additional 570 shares during the period. Ethic Inc. purchased a new stake in Nabors Industries during the 2nd quarter worth approximately $220,000. Corton Capital Inc. acquired a new position in Nabors Industries during the 2nd quarter worth $392,000. Finally, Monaco Asset Management SAM acquired a new position in shares of Nabors Industries during the second quarter valued at $210,000. 81.92% of the stock is currently owned by hedge funds and other institutional investors.

About Nabors Industries

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.