Morgan Stanley Cuts Nabors Industries (NYSE:NBR) Price Target to $75.00

Nabors Industries (NYSE:NBR) had its target price dropped by investment analysts at Morgan Stanley from $115.00 to $75.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 74.26% from the stock’s current price.

Several other research analysts also recently weighed in on the company. Barclays dropped their target price on Nabors Industries from $90.00 to $53.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 19th. Susquehanna dropped their price target on Nabors Industries from $53.00 to $45.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $73.33.

Nabors Industries Stock Down 2.8 %

Shares of NBR stock traded down $1.24 during mid-day trading on Thursday, hitting $43.04. 93,762 shares of the stock traded hands, compared to its average volume of 392,642. The stock’s fifty day moving average is $49.47 and its two-hundred day moving average is $62.16. The company has a debt-to-equity ratio of 5.95, a current ratio of 1.75 and a quick ratio of 1.52. Nabors Industries has a 52-week low of $34.42 and a 52-week high of $105.96. The stock has a market cap of $413.36 million, a P/E ratio of -1.92 and a beta of 2.08.

Nabors Industries (NYSE:NBR) last posted its earnings results on Wednesday, February 12th. The oil and gas company reported ($6.67) EPS for the quarter, missing analysts’ consensus estimates of ($1.86) by ($4.81). Nabors Industries had a negative net margin of 5.93% and a negative return on equity of 32.96%. Equities analysts predict that Nabors Industries will post -6.22 EPS for the current year.

Institutional Trading of Nabors Industries

Large investors have recently added to or reduced their stakes in the company. Miller Value Partners LLC lifted its holdings in shares of Nabors Industries by 99.5% during the fourth quarter. Miller Value Partners LLC now owns 281,195 shares of the oil and gas company’s stock worth $16,076,000 after purchasing an additional 140,230 shares during the period. Two Sigma Investments LP lifted its stake in Nabors Industries by 300.7% during the 4th quarter. Two Sigma Investments LP now owns 90,686 shares of the oil and gas company’s stock valued at $5,185,000 after acquiring an additional 135,877 shares during the period. Balyasny Asset Management L.P. purchased a new stake in shares of Nabors Industries in the 4th quarter valued at $6,602,000. Millennium Management LLC increased its stake in shares of Nabors Industries by 669.9% in the fourth quarter. Millennium Management LLC now owns 72,792 shares of the oil and gas company’s stock worth $4,162,000 after acquiring an additional 85,565 shares during the period. Finally, Barclays PLC raised its holdings in shares of Nabors Industries by 74.6% during the fourth quarter. Barclays PLC now owns 196,108 shares of the oil and gas company’s stock worth $11,211,000 after purchasing an additional 83,790 shares during the last quarter. Hedge funds and other institutional investors 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.