Nabors Industries (NYSE:NBR) Price Target Cut to $91.00

Nabors Industries (NYSE:NBR) had its price target dropped by Citigroup from $95.00 to $91.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the oil and gas company’s stock. Citigroup’s target price suggests a potential upside of 19.93% from the stock’s current price.

Several other equities research analysts have also commented on the stock. Susquehanna lowered their price target on shares of Nabors Industries from $88.00 to $79.00 and set a “neutral” rating on the stock in a report on Friday, April 26th. Benchmark reaffirmed a “hold” rating on shares of Nabors Industries in a report on Thursday, April 25th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $112.50.

Nabors Industries Price Performance

NYSE NBR opened at $75.88 on Wednesday. The company has a debt-to-equity ratio of 4.81, a current ratio of 1.78 and a quick ratio of 1.53. The stock’s fifty day moving average price is $71.00 and its 200 day moving average price is $77.88. Nabors Industries has a 1 year low of $59.90 and a 1 year high of $141.47. The company has a market cap of $812.07 million, a price-to-earnings ratio of -5.49 and a beta of 2.22.

Nabors Industries (NYSE:NBR) last released its earnings results on Wednesday, April 24th. The oil and gas company reported ($5.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.24) by ($2.92). Nabors Industries had a negative net margin of 3.45% and a negative return on equity of 23.52%. The firm had revenue of $743.91 million during the quarter, compared to analyst estimates of $730.59 million. As a group, equities research analysts forecast that Nabors Industries will post -5.85 earnings per share for the current year.

Institutional Trading of Nabors Industries

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Nabors Industries by 5.1% in the 1st quarter. Vanguard Group Inc. now owns 819,113 shares of the oil and gas company’s stock valued at $70,550,000 after acquiring an additional 40,078 shares during the last quarter. Gendell Jeffrey L raised its holdings in Nabors Industries by 10.1% in the 1st quarter. Gendell Jeffrey L now owns 436,442 shares of the oil and gas company’s stock valued at $37,591,000 after acquiring an additional 40,141 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Nabors Industries by 111.6% during the 4th 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 during the last quarter. Apollo Management Holdings L.P. increased its holdings in shares of Nabors Industries by 64.6% during the 1st 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 during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Nabors Industries by 4.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 295,256 shares of the oil and gas company’s stock worth $24,102,000 after buying an additional 13,324 shares during the last quarter. Institutional investors and hedge funds own 81.92% of the company’s stock.

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.