Nabors Industries (NYSE:NBR) Trading Up 4%

Nabors Industries Ltd. (NYSE:NBR)’s stock price shot up 4% on Monday . The company traded as high as $70.13 and last traded at $70.04. 22,685 shares were traded during trading, a decline of 91% from the average session volume of 262,058 shares. The stock had previously closed at $67.32.

Wall Street Analyst Weigh In

NBR has been the subject of several recent research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $114.00 target price on shares of Nabors Industries in a report on Thursday, July 25th. Citigroup cut shares of Nabors Industries from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $110.00 to $75.00 in a report on Friday, September 13th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $104.50.

Nabors Industries Price Performance

The business has a fifty day moving average price of $79.42 and a 200 day moving average price of $77.43. The company has a debt-to-equity ratio of 5.01, a current ratio of 1.82 and a quick ratio of 1.57. The company has a market capitalization of $746.89 million, a price-to-earnings ratio of -5.05 and a beta of 2.12.

Nabors Industries (NYSE:NBR) last released its earnings results on Tuesday, July 23rd. The oil and gas company reported ($4.29) EPS for the quarter, missing the consensus estimate of ($1.77) by ($2.52). The company had revenue of $742.98 million for the quarter, compared to analyst estimates of $737.91 million. Nabors Industries had a negative net margin of 4.73% and a negative return on equity of 28.10%. The firm’s quarterly revenue was down 4.6% on a year-over-year basis. During the same period in the previous year, the business posted ($2.26) EPS. On average, research analysts expect that Nabors Industries Ltd. will post -11.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

Several hedge funds have recently modified their holdings of the company. Creative Planning boosted its stake in Nabors Industries by 62.3% during the second quarter. Creative Planning now owns 8,756 shares of the oil and gas company’s stock valued at $623,000 after buying an additional 3,360 shares in the last quarter. Susquehanna Fundamental Investments LLC boosted its position in shares of Nabors Industries by 92.9% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 10,540 shares of the oil and gas company’s stock valued at $750,000 after purchasing an additional 5,075 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Nabors Industries by 5.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,567 shares of the oil and gas company’s stock worth $254,000 after purchasing an additional 181 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Nabors Industries by 14.5% in the 2nd quarter. AQR Capital Management LLC now owns 4,753 shares of the oil and gas company’s stock worth $338,000 after purchasing an additional 601 shares in the last quarter. Finally, Ensign Peak Advisors Inc lifted its stake in Nabors Industries by 8.8% during the second quarter. Ensign Peak Advisors Inc now owns 8,649 shares of the oil and gas company’s stock valued at $615,000 after purchasing an additional 700 shares during the last quarter. 81.92% of the stock is currently owned by institutional investors and hedge funds.

Nabors Industries Company Profile

Nabors Industries Ltd. provides drilling and drilling-related services for land-based and offshore oil and natural gas wells in the United States and internationally. The company operates through four segments: U.S. Drilling, International Drilling, Drilling Solutions, and Rig Technologies. It provides tubular running services, including casing and tubing running, and torque monitoring; managed pressure drilling services; and drilling-bit steering systems and rig instrumentation software.