Nabors Industries (NYSE:NBR) Trading Up 3.1% – Time to Buy?

Nabors Industries Ltd. (NYSE:NBR) shares shot up 3.1% on Thursday . The company traded as high as $76.40 and last traded at $76.40. 34,454 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 273,758 shares. The stock had previously closed at $74.13.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on NBR shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $114.00 price target on shares of Nabors Industries in a research report on Thursday, July 25th. Citigroup cut Nabors Industries from a “buy” rating to a “neutral” rating and cut their target price for the company from $110.00 to $75.00 in a research report on Friday, September 13th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $104.50.

Nabors Industries Stock Performance

The company’s 50-day moving average is $74.08 and its two-hundred day moving average is $76.03. The company has a quick ratio of 1.57, a current ratio of 1.82 and a debt-to-equity ratio of 5.01. The company has a market cap of $764.57 million, a P/E ratio of -4.50 and a beta of 2.11.

Nabors Industries (NYSE:NBR) last released its earnings results on Tuesday, July 23rd. The oil and gas company reported ($4.29) earnings per share for the quarter, missing analysts’ consensus estimates 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 net margin of 4.73% and a negative return on equity of 28.10%. The firm’s revenue was down 4.6% on a year-over-year basis. During the same period in the prior year, the company earned ($2.26) earnings per share. Equities analysts predict that Nabors Industries Ltd. will post -12.24 EPS for the current year.

Institutional Trading of Nabors Industries

Several hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company increased its holdings in 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 acquiring an additional 181 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Nabors Industries by 29.1% in the first quarter. GAMMA Investing LLC now owns 1,474 shares of the oil and gas company’s stock valued at $127,000 after purchasing an additional 332 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Nabors Industries by 6.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,471 shares of the oil and gas company’s stock valued at $558,000 after buying an additional 399 shares in the last quarter. Swiss National Bank grew its stake in Nabors Industries by 3.4% in the 1st quarter. Swiss National Bank now owns 18,500 shares of the oil and gas company’s stock valued at $1,593,000 after buying an additional 600 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in Nabors Industries by 14.5% during the 2nd quarter. AQR Capital Management LLC now owns 4,753 shares of the oil and gas company’s stock valued at $338,000 after acquiring an additional 601 shares during the period. 81.92% of the stock is currently owned by institutional investors.

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.