Royal Bank Of Canada Raises Nabors Industries (NYSE:NBR) Price Target to $120.00

Nabors Industries (NYSE:NBR) had its target price upped by research analysts at Royal Bank Of Canada from $91.00 to $120.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the oil and gas company’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 17.55% from the stock’s current price.

Other equities analysts have also issued research reports about the company. UBS Group set a $70.00 target price on Nabors Industries in a research note on Friday, February 13th. Morgan Stanley reissued an “overweight” rating and set a $100.00 target price (up from $80.00) on shares of Nabors Industries in a research note on Wednesday, April 15th. Wall Street Zen downgraded Nabors Industries from a “buy” rating to a “hold” rating in a report on Saturday, February 21st. Barclays lifted their target price on Nabors Industries from $50.00 to $65.00 and gave the company an “underweight” rating in a research report on Wednesday, February 25th. Finally, Susquehanna restated a “neutral” rating and set a $105.00 target price on shares of Nabors Industries in a report on Thursday. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Nabors Industries presently has an average rating of “Hold” and a consensus price target of $86.75.

Nabors Industries Price Performance

NYSE NBR traded down $2.10 during trading hours on Thursday, reaching $102.09. 160,338 shares of the company’s stock were exchanged, compared to its average volume of 383,292. The firm has a fifty day moving average of $82.09 and a 200-day moving average of $64.79. Nabors Industries has a one year low of $23.27 and a one year high of $105.17. The stock has a market cap of $1.63 billion, a PE ratio of 6.21 and a beta of 0.87. The company has a current ratio of 1.56, a quick ratio of 1.47 and a debt-to-equity ratio of 2.22.

Nabors Industries (NYSE:NBR) last issued its quarterly earnings data on Tuesday, April 28th. The oil and gas company reported ($1.54) EPS for the quarter, topping analysts’ consensus estimates of ($2.25) by $0.71. Nabors Industries had a net margin of 8.92% and a negative return on equity of 17.63%. The firm had revenue of $783.55 million for the quarter, compared to analyst estimates of $772.38 million. During the same quarter in the prior year, the firm earned $2.18 EPS. The company’s revenue was up 6.4% on a year-over-year basis. On average, equities research analysts predict that Nabors Industries will post -5.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

Several hedge funds and other institutional investors have recently bought and sold shares of NBR. Vanguard Personalized Indexing Management LLC grew its position in shares of Nabors Industries by 2.0% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 8,634 shares of the oil and gas company’s stock worth $469,000 after buying an additional 173 shares during the period. Public Employees Retirement System of Ohio grew its holdings in Nabors Industries by 23.0% in the third quarter. Public Employees Retirement System of Ohio now owns 1,545 shares of the oil and gas company’s stock worth $63,000 after purchasing an additional 289 shares during the period. Quadrant Capital Group LLC increased its stake in Nabors Industries by 24.1% in the fourth quarter. Quadrant Capital Group LLC now owns 1,754 shares of the oil and gas company’s stock valued at $95,000 after purchasing an additional 341 shares in the last quarter. Nebula Research & Development LLC raised its holdings in shares of Nabors Industries by 2.5% during the second quarter. Nebula Research & Development LLC now owns 17,697 shares of the oil and gas company’s stock valued at $496,000 after purchasing an additional 428 shares during the period. Finally, Islay Capital Management LLC bought a new stake in Nabors Industries in the 4th quarter valued at about $26,000. Institutional investors and hedge funds own 81.92% of the company’s stock.

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.