Nabors Industries Ltd. (NYSE:NBR) Given Consensus Rating of “Hold” by Brokerages

Shares of Nabors Industries Ltd. (NYSE:NBR) have been given an average recommendation of “Hold” by the seven ratings firms that are presently covering the stock, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $98.80.

Several research firms have issued reports on NBR. Citigroup lowered Nabors Industries from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $110.00 to $75.00 in a research note on Friday, September 13th. Barclays dropped their price objective on Nabors Industries from $110.00 to $88.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $102.00 price objective on shares of Nabors Industries in a research note on Wednesday.

Nabors Industries Stock Performance

NBR opened at $75.39 on Thursday. Nabors Industries has a 52-week low of $59.67 and a 52-week high of $127.56. The firm has a market capitalization of $806.82 million, a PE ratio of -5.46 and a beta of 2.11. The company has a debt-to-equity ratio of 5.01, a quick ratio of 1.57 and a current ratio of 1.82. The business’s 50-day simple moving average is $73.98 and its 200 day simple moving average is $75.75.

Nabors Industries (NYSE:NBR) last released its earnings results on Tuesday, July 23rd. The oil and gas company reported ($4.29) earnings per share (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 the consensus estimate of $737.91 million. Nabors Industries had a negative return on equity of 28.10% and a negative net margin of 4.73%. The business’s revenue was down 4.6% on a year-over-year basis. During the same quarter in the previous year, the company posted ($2.26) EPS. As a group, sell-side analysts expect that Nabors Industries will post -12.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nabors Industries

A number of large investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. grew its position in Nabors Industries by 111.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 397,102 shares of the oil and gas company’s stock worth $32,415,000 after buying an additional 209,450 shares in the last quarter. Apollo Management Holdings L.P. grew its position in Nabors Industries by 64.6% during the first quarter. Apollo Management Holdings L.P. now owns 335,091 shares of the oil and gas company’s stock worth $28,861,000 after buying an additional 131,490 shares in the last quarter. Gendell Jeffrey L grew its position in Nabors Industries by 10.1% during the first quarter. Gendell Jeffrey L now owns 436,442 shares of the oil and gas company’s stock worth $37,591,000 after buying an additional 40,141 shares in the last quarter. Vanguard Group Inc. grew its position in Nabors Industries by 5.1% during the first quarter. Vanguard Group Inc. now owns 819,113 shares of the oil and gas company’s stock worth $70,550,000 after buying an additional 40,078 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Nabors Industries by 42.8% during the second quarter. Bank of New York Mellon Corp now owns 115,084 shares of the oil and gas company’s stock worth $8,189,000 after buying an additional 34,473 shares in the last quarter. Institutional investors own 81.92% of the company’s stock.

About Nabors Industries

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.